Tech stocks a drag on equities
Technology stocks were acting as a drag on the stock market on Thursday with shares of Meta Platforms and Google-parent Alphabet among the top stocks weighing on the S&P 500, according to FactSet data.
The S&P 500’s tech sector was down 0.3% and its communications-services component was 0.4% lower, while the broader equity index was up 0.1%, according to FactSet.
This comes despite 10-year Treasury yields, which have spiked since November, easing back about 4 basis points on Thursday, near 4.61%, They hit a high of about 4.8% earlier in the week.
Higher bond yields can be particularly problematic for high-growth stocks because they make lofty valuations tougher to justify.