Xinhua
23 Feb 2021, 21:35 GMT+10
NEW YORK, Feb. 23 (Xinhua) -- U.S. stocks opened lower on Tuesday as a major setback in tech sector weighed on the market.
Shortly after the opening bell, the Dow Jones Industrial Average fell 113.35 points, or 0.36 percent, to 31,408.34. The S&P 500 dropped 33.37 points, or 0.86 percent, to 3,843.13. The Nasdaq Composite Index shed 322.03 points, or 2.38 percent, to 13,211.02.
Of the 11 primary S&P 500 sectors, technology slumped 2.7 percent in morning trading, leading the laggards. The tech group dipped 2.26 percent in the previous session.
Investors focused on rising bond yields. The yield on the benchmark 10-year U.S. Treasury held steady on Tuesday around 1.36 percent. It jumped to 1.34 percent last week, near its highest level since February 2020. The 30-year yield touched a one-year high of 2.2 percent on Monday.
Higher yields make bonds a more viable alternative to stocks, particularly those that have seen their valuations stretch, experts noted.
Wall Street also eyed testimony by Federal Reserve Chairman Jerome Powell on the economic outlook as the Fed chief begins two days of congressional hearings. Investors are eager to hear his remarks on the rise in bond yields and inflation expectations.
On Monday, U.S. equities closed mostly lower with the tech-heavy Nasdaq down nearly 2.5 percent.
Get a daily dose of Cincinnati Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Cincinnati Sun.
More InformationLONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...
MOSCOW, Russia: Just hours after his sudden dismissal by President Vladimir Putin, Russia's former transport minister, Roman Starovoit,...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
NEW YORK, New York - U.S. stocks rebounded Tuesday with all the major indices gaining ground. Markets in the UK, Europe and Canada...
NEW YORK CITY, New York: Financial markets kicked off the week on a cautious note as President Donald Trump rolled out a fresh round...
RIO DE JANEIRO, Brazil: At a two-day summit over the weekend, the BRICS bloc of emerging economies issued a joint declaration condemning...