US stocks mixed as tech shares battered in anticipation of interest rate hikes

US stocks mixed as tech shares battered in anticipation of interest rate hikes

US stocks opened mixed on Wednesday, with tech shares declining amid a surge in interest rates and growing anticipation of a potential Fed rate hike in March. The 10-Year US Treasury yield traded near 1.66% early Wednesday, well above its year-end level of about 1.50%. Meanwhile, the probability of a interest rate hike by the Federal Reserve at its late-March meeting surged to 63% on Tuesday, more than double its 27% level seen last month. As yields rise, fast-growing tech stocks are seeing the most volatility. This risk-off environment for the sector is best illustrated by Ark Invest's flagship ETF, , and was down an additional 1% in early Wednesday trades. The mixed open came despite strong employment figures. Private-sector showed December saw 807,000 positions filled, more than double estimates of 375,000, and well ahead of November's gain of 505,000. The leisure and hospitality industries led the job growth. Meanwhile, Charlie Munger's Daily Journal despite a sharp decline in 2021. The firm doubled its Alibaba stake last quarter, making up 28% of the Daily Journal's portfolio as of December 31. Billionaire investor Jeff Gundlach warned against investing in China, citing by the government. Harsh regulatory crackdowns in 2021 by authorities