Stocks are down as bond yields climb, tech and chip stocks plummet, mixed economic data

From Nasdaq:

Stocks are down this morning, with the Nasdaq 100 hitting a 1-1/2 week low on inflation concerns. Jabil and Adobe are plummeting due to guidance cuts. Market volatility is expected due to quarterly expiration. US economic data showed mixed results, leading to uncertainty about Fed interest rate cuts. Overseas markets are also mixed.

US treasury yields rise on unexpected increase in import price index and strong manufacturing data. T-note prices fall on positive economic reports. European bond yields are also up.

Several US tech and chip stocks are falling heavily. Amazon, Alphabet, Apple, and Microsoft are down. Chipmakers like ON Semiconductors, NXP Semiconductors NV, Texas Instruments, Analog Devices, and Qualcomm are also under pressure. Ulta Beauty, Abbot Laboratories, and Salesforce see stock drops due to various factors.

Costar Group sees gains after settling commission litigation, while Valero Energy is up on a positive upgrade. Rivian Automotive, Paccar, Cummins, Micron Technology, and Marathon Petroleum also see stock increases. Intuitive Surgical, Stellantis NV, and Madrigal Pharmaceuticals go up after positive news. Earnings reports for Jabil are awaited.



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