Wednesday, October 20, 2021

US stocks trade mixed as 10-year Treasury yield fluctuates

29 September (WNN) — US stocks traded mixed on Wednesday as the 10-year Treasury yield fluctuated, sending tech stocks down.

The Dow Jones Industrial Average rose 90.73 points, or 0.26%, and the S&P 500 gained 0.16%, while the tech-heavy Nasdaq Composite fell 0.24%.

The Nasdaq opened nearly 0.5% after falling 2.8% on Tuesday, as the 10-year Treasury yield fell below 1.5% but recovered above 1.54% in the afternoon.

Netflix stock rose 2.61% and Apple stock rose 0.65%, while shares of Google’s parent company, Alphabet, were down 1.09%, and Amazon stock fell 0.45% as they failed to rally. are.

“A lot of Big Tech is priced high,” Teddy Parrish, CEO and chief investment officer of Parrish Capital, told Yahoo Finance. “Those valuations will go down a little in one or two ways: They either sell out, or earnings keep rising and the stock trades sideways. You can have some of both, but look at some of these.” for big tech companies that aren’t growing nearly as fast as their [price-to-earnings] Multiples can mean, I think, a lot of them ahead of themselves.”

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Discount retailer Dollar Tree saw shares rise 16.49% to lead the S&P as the company announced it would increase stock buybacks and experiment with higher prices in some places, while Boeing 3.18% to lead the Dow. Raised for

Investors are closely monitoring efforts in Washington, DC, by lawmakers to pass a bill to raise the debt limit as Treasury Secretary Janet Yellen said the limit should be extended or suspended until October 18.

Senate Democratic Leader Chuck Schumer said the Upper House could vote on a continuing motion to fund the government on Wednesday or possibly Thursday, while the House prepares to vote on a bill to suspend debt limits. Was.

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