PARIS (Reuters) – The New York Stock Exchange opened lower on Tuesday, penalized by a further rise in bond yields, a handicap for technology stocks.
A few minutes after the start of trading, the Dow Jones index lost 62.83 points, or 0.19%, to 33.108.54, the Standard & Poor’s 500 0.33% to 3.958.01 and the Nasdaq Composite 0.68 % to 12,970.89.
At the same time, the yield on ten-year Treasuries, the main benchmark in the bond market, is up nearly three basis points to 1.7474% after hitting 1.776%, its highest level since January 2020.
This movement, which reflects expectations of acceleration in growth and inflation, particularly penalizes large technology groups with high valuations.
Amazon, Apple, Microsoft and Netflix thus dropped between 0.7% and 1.3%.
The Nasdaq is now down more than 1% for the month of March as a whole, its first negative monthly performance since November.
In contrast, financial stocks are benefiting from hopes of improving their credit margins, like JP Morgan Chase (+ 1.62%) and Morgan Stanley (+ 1.95%).
Tesla also dropped 2.4% after the publication on Twitter by its founder, Elon Musk, of a message explaining that the shortage of batteries complicates the production of the group’s first utility vehicle.
(Marc Angrand, edited by Nicolas Delame)
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