U.S. stocks jumped sharply on Monday in a broad-based rally as stocks tied to the economic reopening jumped on vaccine optimism, while tech names rebounded from steep losses last week.
 | WED, MAR 03, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 122.06 | -3.06 | -2.45% | | MSFT | 227.56 | -6.31 | -2.70% | | BA | 228.56 | +5.42 | +2.43% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | GE | 13.44 | +0.46 | +3.54% | | AAPL | 122.06 | -3.06 | -2.45% | | F | 12.17 | -0.38 | -3.03% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 122.06 | -3.06 | -2.45% | | AMD | 80.86 | -3.27 | -3.89% | | MSFT | 227.56 | -6.31 | -2.70% | |
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Markets ticked downward on Wednesday afternoon, reacting to rising interest rates. The S&P 500 fell 1.3%, while the tech-heavy Nasdaq Composite dropped 2.7%. The Dow Jones Industrial Average, which was higher for most of the day due to a surge in "reopening" stocks like Boeing, fell in late afternoon trading and lost 121 points. Tech stocks were in negative territory for the day, with Netflix declining 4.9%, while Amazon, Apple and Alphabet dropped well over 2%. Meanwhile, recovery-oriented stocks came out ahead. Cruise line company Carnival climbed 3.9%, while Diamondback Energy climbed 5.4%. A run-up in Treasury yields seems to be the culprit for the overall decline for stocks, particularly for the hard-hit tech sector. The benchmark 10-year Treasury yield started the day at 1.40%, climbed as high as 1.49% and ended the trading day at 1.46%.  The major question is, "Will the uptick in Treasury yields damage the overall run-up in stocks?" Maneesh Deshpande, head of U.S. equity strategy at Barclays, doesn't think so. "We do not think a continued increase in Treasury yields will derail the rally in broad equity indices, but we expect it will create winners and losers across stocks," he wrote in a note Wednesday. |
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