Reuters File Photo: Photo of a Wall Street sign outside the New York Stock Exchange in New York, October 2, 201.
By Goddess Jain
(Reuters) – A rebound in shares of Beat-Down Technology emerged on Wednesday after concerns over inflation and rising Treasury yields in U.S. stock indices erupted into one of Wall Street’s worst sell-offs on Wednesday.
Heavyweight shares of Amazon.com Inc (NASDAQ :), Facebook Inc. (NASDAQ :), Microsoft Corporation (NASDAQ :), Apple (NASDAQ 🙂 and Google-parent Alphabet (NASDAQ 🙂 Inc have risen between 0.5% and 0.8% in premarket trading.
Rate-sensitive technology stocks have risen after a 10-year decline in U.S. Treasury yields based on signals from the Federal Reserve that it could tighten its monetary policy in the coming months. [US/]
“It’s all a 10-year yield, coming down at a rate of change. The reason you’re seeing a little relief (today) is that it’s not going straight, it’s not breathing a bit and the market likes it,” said Thomas Hayes, managing member of Great Hill Capital LLC in New York. Says.
“Equity is going to be the only game in town right now until those yields increase more materially and people can earn some of the fixed income.”
Including oil companies Exxon Mobil (NYSE 🙂 and Chevron Corp (NYSE 🙂 fell 0.3% as a rally in crude prices occurred. Still, the S&P energy sector has outperformed its 9.9% profit so far this week and is on track for its best monthly performance since February.
Wall Street saw a sharp drop in sales on Tuesday, with the benchmark posting its biggest one-day fall since May and Nasdaq posting its worst daily sales since March.
The S&P 500 index is set to break its seven-month winning streak due to China Evergrand default, potentially high corporate taxes and expected sooner-than-expected declines from the Federal Reserve’s financial support, which is usually seasonally weak.
At 7:59 a.m. ET, up 138 points or 0.4%, up 23.5 points or 0.54% and up 106.25 points or 0.72%.
Meanwhile, U.S. Senate Republicans have blocked a bid by President Joe Biden’s Democrats to shut down U.S. credit defaults for a second day in a row, as partisan tensions recover an economy from the Covid-1 pandemic epidemic.
JPMorgan Chase & Co (NYSE 🙂 chief executive Jamie Damon also warned that the US default would be a “potential catastrophe”.
Among stocks, Boeing (NYSE 🙂 Co. rose 2.6%, saying the 737 MAX test flight for China’s aviation regulator was successful last month and the aircraft manufacturer expects two years of grounding to be lifted this year.
Micron Technology Inc. (NASDAQ 🙂 slipped 3.4%, chipmaker analysts predicted current-quarter revenue than expected and warned that shipments of its memory chips would sink in the near future.
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