Rising bond yields send Nasdaq 1% lower
The rise in inflation and expectations that the Federal Reserve will raise interest rates sent the Nasdaq index 1% lower at the open on Tuesday as a surge in bond yields weighed on tech stocks.
Fed chair Jay Powell in pre-released comments last night, warned that the Fed might have to act in raising rates if inflation becomes more persistent than anticipated.
The Dow Jones Industrial Average fell 121.67 points, or 0.35%, at the open to 34,747.70.
The S&P 500 opened lower by 23.57 points, or 0.53%, at 4,419.54, while the Nasdaq Composite dropped 182.76 points, or 1.22%, to 14,787.21 at the opening bell.