Nasdaq Falls Nearly 200 Points at Market Open as Bond Yields Rise

The Nasdaq Composite Index fell by 190 points this morning (-1.5%) following news that US-Treasury bond yields have risen to 1.6%.

The Dow is still up despite tech losses, posting 132 points since open to rest at 32617 points (+0.4%). The S&P 500 followed suit with the Nasdaq, though not to quite the same degree, down only 8 points to 3930 (-0.21%).

The rise in bond yields is largely in part to Biden’s COVID-19 relief package, which was just passed by the House on Wednesday. The relief package includes plans to pay every American household that makes under $75,000 annually a one-time $1,400 stimulus check per member of the household.

Large tech corporations have seen decent losses from the news, with Amazon (AMZN), Apple (AAPL) and Nvidia (NVDA) all seeing losses of around 1.5%. Some industry leaders, like Netflix, saw declines of more than 2% at this mornings opening bell.

Recent public offering Roblox (RBLX) saw losses of around 4% today following a massive surge in value, climbing nearly 55% on its first day of trading, then seeing another spike of 7% yesterday. Roblox, which offered its direct listing on Wednesday, has been since valued at $45 billion.

In foreign markets, the Stoxx 600 faltered in line with US tech based companies, falling 1.38 points to 422.84 (-0.31%). London’s FTSE pushed slightly higher today, gaining nearly 22 points to 6,758 (+0.32%) while the DAX fell 70 points to 14,498 (-0.48%)

Asian markets were another mixed bag today, with the Shanghai Composite (SHCOMP) up 16 points while the Hang Sang Index (HSI) fell 645 points to rest at 28,739 (-2.2%). Japan’s Nikkei ran in the opposite direction, gaining 506 points on the day to 29,717 (+1.73%).

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