Tech-heavy Nasdaq slid due to rising Treasury yields, impacting growth and chip stocks

From Nasdaq:

The Nasdaq fell due to rising U.S. Treasury yields impacting growth stocks. This led to the technology sector’s decline by 1.4%. Treasury notes’ yields rose, affecting megacaps like Nvidia and Apple, with chip stocks like AMD and Micron falling over 4%. The S&P 500 hit a record high after a slight increase in consumer price data.

Investors are watching for more data to predict the Federal Reserve’s interest-rate cuts. The Fed anticipates easing by mid-year, with a 65% chance of the first rate cut in June. Next week’s producer prices data will offer insights into inflation. The GTC developer conference from March 18-21 will reveal AI-related announcements.

Dow Jones was up while S&P 500 and Nasdaq were down. Tesla dropped 2.7%, Dollar Tree plummeted 14.3%, and McDonald’s saw a 3.0% decline. Intel fell 2.7% after a chip grant plan with the Pentagon was scrapped. Crypto stocks like MicroStrategy and Marathon Digital surged as bitcoin hit a record high.

Advancing issues surpassed decliners on the NYSE and Nasdaq. The S&P index recorded 45 new highs with no new lows, while the Nasdaq saw 68 new highs and 77 new lows. March 13 (Reuters) – Reporting by Bansari Mayur Kamdar and Johann M Cherian.



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