Investing.com– The S&P 500 ended the week higher despite closing lower on Friday, with tech stocks leading the selloff, pressured by jump in Treasury yields.
At 4:00 p.m. ET (21:00 GMT), the fell 1% the fell 1.5%. The fell 0.8%, or 325 points.
Wall St falls as tech pressured by higher treasury yields
Apple Inc (NASDAQ:) fell 1.3%, a day after hitting a record high higher following an upgrade from tech-bull Wedbush on Thursday.
Tesla Inc (NASDAQ:) stock fell 5%, while market darling NVIDIA Corporation (NASDAQ:) edged 2.2% lower.
Alphabet (NASDAQ:) fell more than 1% amid a major rout in tech.
The move lower in tech following a jump in the benchmark , which reached 4.64% earlier—its highest level since early May amid expectations for more hawkish Federal Reserve in 2025 amid inflation concerns.
“The rise in long-term yields mostly reflects a stronger growth outlook but could also signal concerns about inflation and the federal budget deficit,” DA Davidson said in a recent note.
Rising yields translate into increased borrowing costs, which can constrain spending on innovation and expansion, further squeezing profit margins.
Microstrategy leads crypto stocks lower as Bitcoin gives up gains
MicroStrategy Incorporated (NASDAQ:) fell more than 3% after giving up early-day gains to lead crypto-related stocks including Coinbase Global Inc (NASDAQ:) lower.
The slump followed struggles to its gains after topping $97,000.
