Tech stocks slide as bond yields rise

US stock markets were little changed Thursday morning as traders weighed on the continued improvement in the US economy and a sharp rise in bond yields.

The Dow Jones Industrial Average rose 31 points, or 0.1%, while the S&P 500 and Nasdaq Composite were down 0.32% and 0.61% respectively. Any gain for the Dow Jones would add to Wednesday’s record close just below the 32,000 level.

Non-transportation durable goods orders rose 1.1% month-over-month in January, beating the 0.7% growth analysts polled by Reinfitiv expected, and initial jobless claims fell to 730,000 last week compared to 841,000 revised downward the previous week.

WEEKLY UNEMPLOYED CLAIMS FALL BUT REMAIN HIGH

Meanwhile, a second estimate of fourth-quarter gross domestic product showed the US economy grew at a robust annual pace of 4.1%, up from the initial impression of 4%.

BIDEN, PELOSI, SCHUMER PUSH A STIMULUS OF 1.9 T $ AS DEBT, BALLOON DEFICITS ON Dazzling Amounts

Signs of an improving economy helped push the 10-year yield up over 8 basis points to over 1.46%, its highest level in a year.

As the House of Representatives prepares to vote, possibly Friday, on President Biden’s $ 1.9 trillion COVID-19 relief package.

WHY GAMESTOP SHARES RISED 104% WEDNESDAY

In stocks, the shares of GameStop Corp. continued to skyrocket after doubling down on Wednesday following news of CFO Jim Bell’s departure by Ryan Cohen, the founder of online pet food supplier Chewy, whose venture capital firm has amassed by of 10% of the capital. The New York Stock Exchange caused a trading halt shortly after opening due to volatility.

Other stocks that have recently come under short pressure include Bed Bath & Beyond Inc., AMC Entertainment Holdings Inc. and Koss Corp. also traded sharply higher.

Elsewhere, Tesla Inc. has informed workers that it will temporarily halt production of its Model 3 sedan at its plant in Freemont, Calif., Bloomberg reports, citing a person familiar with the matter.

On earnings, Best Buy Co. reported mixed quarterly results and warned that comparable sales could drop as much as 2% in the current year as demand slows from market-induced levels. pandemic.

Anheuser-Busch InBev posted better-than-expected earnings and revenue, but margins were under pressure as the company used more more expensive single-use cans as home consumption increased during the pandemic.

Domino’s Pizza missed both profits and revenues, as same-store sales growth slowed to 11.2% from 17.5% in the previous quarter. The pizza chain forecasts global retail sales growth of 6-10% over the next two to three years.

In commodities, West Texas Intermediate crude slipped 35 cents to $ 62.87 per barrel while gold fell $ 18.60 to $ 1,779.30 per ounce.

GET FOX BUSINESS ON THE ROAD BY CLICKING HERE

European markets were trading with the UK FTSE 100 up 0.31%, the French CAC 40 up 0.11% and the German DAX 30 down 0.1%.

In Asia, the Shanghai Composite Index in China rose 0.59%, the Hang Seng Index in Hong Kong by 1.2% and the Nikkei 225 in Japan by 1.67%.