What to watch today: Nasdaq, S&P 500 both set to drop for 5th straight sessions

What to watch today: Nasdaq, S&P 500 both set to drop for 5th straight sessions

BY THE NUMBERS dropped Monday after a rough first trading week of the new year as tech stocks were battered by rising bond yields. The logged a four-session losing streak Friday, with the most of the damage coming last Wednesday. , the tech-heavy index sank 4.5% in its worst weekly performance since February 2021. (CNBC) The on Monday was also tracking for a five-session losing streak. The index fell 1.9% for last week. The , which has dropped three sessions in a row, fell 0.3% last week. The Dow and S&P 500 both hit record closing highs early last week. (CNBC) Monday, with the benchmark trading at 1.77% after hitting a high back to January 2020 above 1.8% on Friday. Goldman Sachs expects the Federal Reserve to hike interest rates from near-zero levels as inflation rises and unemployment drops. (CNBC) Fed Chairman Jerome Powell is set to testify Tuesday at his nomination hearing before a Senate panel. In minutes from its December meeting, the Fed revealed talk about a balance sheet reduction in addition to signaling rate increases and an accelerating tapering. (CNBC) , consumer and wholesale inflation reports are out Wednesday and Thursday. Retail sales are out Friday. Earnings