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US stocks closed mixed with tech stocks driven by rising bond yields

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US stocks closed mixed on Tuesday as tech stocks lagged lower amid rising Treasury yields.

The S&P 500 and Dow Jones Industrial Average closed higher, while the highly technical Nasdaq composite edged down.

Here’s where the U.S. indices were at the 4 p.m. ET close on Tuesday:

“The Nasdaq is being punished as investors reduce their large-cap technology bets as margin concerns rise and Treasury yields continue to rise,” Edward Moya, senior equity analyst at Oanda said Tuesday.

Bond yields continued to rise on Tuesday as the 10-year Treasury yield edged up to 1.672%, well above a recent low of 1.418% hit earlier in November on Fed expectations that will raise interest rates from June 2022.

Zoom plunged to 17% on Tuesday after the video conferencing company announced an expected revenue slowdown as the pandemic abates. Tech stocks are also more sensitive to higher interest rates than others

Dollar Tree rose 12% after the discount chain announced its new pricewill be $ 1.25, deviating from the all-for-$ 1 philosophy that the retailer has employed for the past three decades.

Best Buy fell 17% after the electronics retailer said a increase in organized thefts in retailharms its profit margins.

In the SPAC market, Manscaped, a men’s care startup supported by Channing Tatum,announcement it goes public by merging with blank check firm Bright Lights Acquisition Corp in a deal valuing the company at $ 1 billion.

Somewhere else, Bitcoin is up 2.10% to $ 57,462, but remains around 16% below its all-time high of over $ 68,600 on November 10.

U.S. regulators, meanwhile, said they plan to issue guidance on the role of traditional banks in crypto to promote consumer protection and compliance next year.

Oil prices have surged following plans by the Biden administration to release oil from the country’s emergency stockpile to combat the high gas prices consumers are paying.

West Texas Intermediate crude oil rose 2.54% to $ 78.70 a barrel. Brent crude, the international benchmark for oil, jumped 3.51% to $ 82.50 a barrel.

Gold fell 0.99% to $ 1,791.07 an ounce, falling below the $ 1,800 level.

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2/ https://markets.businessinsider.com/news/stocks/stock-market-news-us-treasury-yields-tech-stocks-powell-oil-2021-11

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