Major stock indices open to mixed results as investors rotate into the tech markets following a decrease in 10-year US bond yields.
The Dow dropped 79 points to 32,548 (-0.23%) while the S&P 500 is up 5 points to 3,919 (+0.15%). The Nasdaq continued its recovery from Friday, up 85 points to 13,305 (+0.69%).
The yield on US Treasury 10-year bonds slid to 1.698% this morning after peaking at 1.74% last week. The increase resulted in a sizeable hit to tech stocks, with big name players like Tesla seeing a loss of nearly 5% following the news.
Tech stocks are up today, with Tesla (TSLA) up $28 a share to $684 (+4.61%) and other big tech names like Nvidia and Amazon seeing marginal gains of around 1% at the opening bell.
Cryptocurrencies are down in this morning’s market with Bitcoin (BTC) falling $895 in value to $56,897 (-1.63%) and Ethereum (ETH) dropping $25 to $1,774 (-1.3%). Crypto has seen significant volatility in recent weeks after India announced plans to ban cryptocurrency trading and Fed Chairman Jerome Powell saying that Bitcoin is more of a stand-in for gold than it is a stand-in for the US dollar.
European markets have are equally mixed this morning, with the Stoxx 600 stagnant at 423 points -(0.03%). London’s FTSE is up 5 points to 6,715 (+0.1%) while the DAX is up 20 points to 14,640 (+0.14%).
Asian markets are in a downward trend, but Shanghai’s Composite Index (SHCOMP) managed to post a gain of 38 points to 3,443 points (+1.14%). All other major indices are down in today’s market with the Hang Sang Index (HSI) down 105 points to 28,885 (-0.36%) and Japan’s Nikkei dropping a whopping 617 points to 29,174 (-2.07%).
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