Tech surge lifts Nasdaq, S&P 500 to record high – Reuters
- Date: 07-Jul-2021
- Source: Reuters
- Sector:Economy
- Country:Middle East
Tech surge lifts Nasdaq, S&P 500 to record high – Reuters
July 7 (Reuters) - The Nasdaq was set to hit a new high at the open on Wednesday as falling Treasury yields lifted tech-heavy growth stocks, while investors focused on the Federal Reserve's minutes from the June meeting to gauge the trajectory of policy support going forward.
Yield on the U.S. 10-year notes slipped for the seventh straight session to a new 4-1/2-month low, while mega-cap technology names Facebook Inc (FB.O) Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Amazon.com Inc (AMZN.O) gained between 0.5% and 0.8% in premarket trading.
Fast-growing tech stocks are sensitive to yields as their value rests heavily on future earnings, which are discounted more deeply when bond returns go up.
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