News – EN – On Wall Street, the tech giants take water at the opening

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The big tech stocks fell heavily on Wall Street on Tuesday in a market worried about the rise in the 10-year bond rate and following the hearing of the boss of the central bank (Fed) against US elected officials

Around 3:00 p.m. GMT, the Nasdaq, Wall Street’s high technology index, fell 2.73% to 13164.12 points

The extended S&P 500 index fell 1.36% to 3823.70 points and the Dow Jones Industrial Average, the index of flagship stocks, dropped 1.02% to 31199.36 points

Even more than the day before, where they had already been in difficulty, several American technological pillars were giving way, including Apple (-3.41%), Amazon (-1.96%) and Alphabet (-2.35 %)

This sharp decline was linked, according to several experts, to the rise in the rate on 10-year US Treasuries, which stood at 1.3824% (1.25%) and took almost 50% since the beginning of the year

According to TD Ameritrade’s JJ Kinahan, tech stocks “performed extremely well last year as so many investors sought security from companies familiar and suited to the containment economy.”

“They don’t tend to do as well with rising bond yields,” says expert “For many, large caps are based on hopes of growth through strong results, but high returns act as a drag on income growth”

Investors were also following the videoconference hearing of Fed Chairman Jerome Powell before the US Senate Banking Committee

“Many observers are impatient to find out what Powell will say about growth coming out of the pandemic and wonder if he is worried about the risk of overheating,” said M Kinahan

The boss of the Fed will also speak Wednesday to elected representatives of the House of Representatives

Among the values ​​of the day, Boeing was down 1.50%, continuing to be penalized by the spectacular incident of a 777 that occurred on Saturday in the United States

On Tuesday, the US aviation regulator said it was considering imposing more stringent inspections of the Pratt & Withney engines, with which the crashed model was equipped

Despite better-than-expected quarterly results, department store chain Macy’s (-3.66%) and home equipment specialist The Home Depot (-5.75%) were down

The chain of cinemas AMC was up 4.58% the day after New York Governor Andrew Cuomo announced that theaters could reopen on March 5, nearly a year after their closure due to pandemic

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New York Stock Exchange, Nasdaq, Wall Street, Dow Jones Industrial Average, Exchange, S&P 500, Inflation

News – EN – On Wall Street, the tech giants are taking the water when opening

Source: https://www.boursorama.com/bourse/actualites/a-wall-street-les-geants-de-la-tech-prennent-l-eau-a-l-ouverture-950c9c7c60d4be3daee141750eb7fdf9