Tech stocks plummet as US Treasury yields rise
B. Riley FBR chief market strategist Art Hogan discusses how the rise in U.S. Treasury yields and the selloff in technology stocks have impacted the markets.
Equity futures are trading cautiously lower after a day that saw the 10-year treasury note hit a 7-year high.
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Dow Jones futures were lower by 0.10 percent. The S&P 500 slipped 0.12 percent and the Nasdaq Composite was off 0.26 percent.
The September jobs report will be released Friday – and expectations are high following a solid private-sector unemployment report and a dip in weekly jobless claims.
Analysts polled by Refinitiv (formerly Thomson Reuters) expect the U.S. economy added 185,000 jobs in September with the unemployment rate ticking down to 3.8 percent.
The Dow snapped a five-session winning streak on Thursday.
The Dow dropped 200.91 points, or 0.75 percent, to 26,627.48. The broader S&P 500 was down 23.9 points, or 0.81 percent, at 2,902.34. The Nasdaq Composite fell 145.57 points, or 1.81 percent, to 7,879.51.
|I:DJI||DOW JONES AVERAGES||26627.48||-200.91||-0.75%|
|I:COMP||NASDAQ COMPOSITE INDEX||7879.5104||-145.57||-1.81%|
Shares of Apple and amazon slipped around 2 percent following a Bloomberg report that Chinese hackers implanted spying microchips in the companies’ servers, compromising the security of sensitive technology. Both companies strongly denied the report.
In Asian markets, Hong Kong’s Hang Seng fell for a fourth straight session, sliding 0.1 percent.
Japan’s Nikkei ended the day down 0.8 percent.
In Europe, London’s FTSE opened lower by 0.1 percent, Germany’s DAX and France’s CAC were flat.
FOX Business’ Leia Klingel contributed to this article.
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