Topline
Down for the sixth straight day on Tuesday, the S&P 500 is extending its longest climb since the February market crash as tech stocks plummeted amid rising bond yields – a bearish signal for investors worried that a successful stock market rally could come to an end.
SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer Award on … [+]
Getty Images
Key facts
Shortly after the market opened, the Dow Jones industrial average, which has been relatively flat near peak levels in the past few days, posted 24 points, or less than 0.1%, while the S&P 500 for the sixth straight day, falling 0.5%, while tech-heavy Nasdaq fell 1.8%.
Major technical stocks continued to follow market weakness, with Tesla falling 5%, while Amazon, Apple, Netflix and Alphabet slipped around 2%.
Meanwhile, hard-hitting cycling stocks are going up, with entertainment giant Live Nation climbing 5% and energy companies Marathon Oil, Pioneer Natural and ConocoPhillips all up nearly 5%.
Shares of special purpose construction company Churchill Capital IV are down 34% after it announced that Lucid Motors, an e-buyer, is valuing Tesla’s competitor at $ 24 billion.
In terms of employment, Home Depot shares are down 3% after the home improvement company posted fourth-quarter results that beat analysts ’expectations but are in line with recent successful growth during the outbreak. -discharged.
The 10-year Treasury yield – a bellwether of the opinion of investors who move abruptly with stocks – continued to move higher, climbing 5 basis points Tuesday to a year high of 1.376%.
Quote Cruise
“It’s more of the same so far this morning as Treasury yields are eroding higher – albeit only slightly – while the Nasdaq gets a hard blow and re- stock opening, “live experience media founder Adam Crisafulli said Tuesday. “The price action in the last 24 hours has been relatively orderly with most calling the technological downturn just a matter of time. The strength of the reopening may be growing somewhat. too hot, but a situation in those names is still light, which will help fuel longer upside down.
What do you look
Federal Reserve Chairman Jerome Powell is being asked to testify before the Senate Tuesday morning. He is expecting comments from the President of the European Central Bank, Christine Lagarde, who stated on Monday that rising yields were becoming a concern.
Amazing info
The Nasdaq is down about 5% from an all-time high on February 12th. That was the same day the S&P hit the latest level. It’s down about 2% since then.
Tangent
Home prices rose 10.4% in December – the biggest gain since 2014, according to data from S&P CoreLogic Case-Shiller released Tuesday.
Further reading
More motivation that can hurt a stock – This is the signal to look for before doing so (Forbes)