Tech Stocks Fall Again As Yields Spike Ahead Of Biden’s Big Infrastructure Announcement

Tech Stocks Fall Again As Yields Spike Ahead Of Biden’s Big Infrastructure Announcement

Share to Linkedin After brief panic at the hands of a forced multi-billion-dollar margin call, markets on Tuesday are back to focusing on rising Treasury yields that are unraveling the past year's meteoric gains, with tech stocks once again underperforming while buzzy meme stock GameStop continues its unlikely surge. President Joe Biden speaks in the East Room of the White House on March 18. Shortly after the market open, the Dow Jones Industrial Average, which closed at a record high Monday, is ticking down 47 points, or 0. 1%, while the S&P 500 slips 0. 4%, and the tech-heavy Nasdaq falls 0. 8%. Fueling the weakness in tech stocks, yields on the 10-year Treasury are back on the rise, climbing 4 basis points Tuesday morning ahead of President Joe Biden's Thursday infrastructure announcement, which is sure to shore up the economic recovery“”and hike up government spending. Big banks Credit Suisse and Nomura, which both warned of "significant" losses as a result of Friday's block-trading mayhem, are falling another 3% and 2%, bringing their total losses since Friday to a staggering 15% and 16%, respectively. Oil prices, on the other hand, are continuing to fall on renewed demand concerns, with the