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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 +1.57% and energy /zigman2/quotes/206420077/composite XLE +0.76% . 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 +1.27% finished down by about 0.4% at 31,270, while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.73% 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 +19.17% , 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
$ 35.56
+0.55 +1.57%
Volume: 36.37M
Aug. 12, 2022 4:00p
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/zigman2/quotes/206420077/composite
US : U.S.: NYSE Arca
$ 78.47
+0.59 +0.76%
Volume: 19.19M
Aug. 12, 2022 4:00p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
33,761.05
+424.38 +1.27%
Volume: 320.97M
Aug. 12, 2022 6:27p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,280.15
+72.88 +1.73%
Volume: 2.22B
Aug. 12, 2022 6:27p
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/zigman2/quotes/225116571/composite
US : U.S.: NYSE
$ 7.77
+1.25 +19.17%
Volume: 3.42M
Aug. 12, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.64 billion
Rev. per Employee
$701,532
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