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March 3, 2021, 4:06 p.m. EST

Resurgence in Treasury yields hammers tech stocks, drives Nasdaq below 13,000 to mark worst 2-day skid in 6 months

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By Mark DeCambre

U.S. stock benchmarks on Wednesday closed lower and technology and tech-related shares got whacked as a continued rise in bond yields forced a rotational shift out of highflying tech and into areas of the market that might benefit from a regime of rising interest rates, like banks /zigman2/quotes/209660484/composite XLF +0.86% and energy /zigman2/quotes/206420077/composite XLE -0.66% . A report from the Federal Reserve's Beige Book, a survey of business conditions in the central bank's 12 regional districts, also showed only a modest uptick in economic activity to start the year, despite headway on COVID the vaccination front. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.89% finished down by about 0.4% at 31,270, while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.77% closed off 1.3% at 3,820. The tech-laden Nasdaq Composite Index, took the brunt of the selling, off 2.7%, at 12,997 to mark the index's worst two-day skid since September, according to Dow Jones Market Data. Meanwhile, the initial public offering of health-care data company Oscar Health Inc. /zigman2/quotes/225116571/composite OSCR -2.80% , finished down nearly 11% in its public debut. And the 10-year Treasury note was around 1.47%.

/zigman2/quotes/209660484/composite
US : U.S.: NYSE Arca
$ 35.15
+0.30 +0.86%
Volume: 40.13M
April 9, 2021 4:00p
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/zigman2/quotes/206420077/composite
US : U.S.: NYSE Arca
$ 48.19
-0.32 -0.66%
Volume: 22.19M
April 9, 2021 4:00p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
33,800.60
+297.03 +0.89%
Volume: 317.82M
April 9, 2021 5:15p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,128.80
+31.63 +0.77%
Volume: 0.00
April 9, 2021 5:15p
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/zigman2/quotes/225116571/composite
US : U.S.: NYSE
$ 23.62
-0.68 -2.80%
Volume: 987,025
April 9, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.65 billion
Rev. per Employee
N/A
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