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S&P 500 ends down slightly; tech trims losses as yields come off highs

Stock MarketsMar 30, 2021 04:10PM ET
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2/2 © Reuters. FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City 2/2

By Caroline Valetkevitch

NEW YORK (Reuters) - The S&P 500 ended down slightly on Tuesday, with investors selling tech-related growth shares following a rise in U.S. Treasury yields.

At the same time, S&P 500 financials, industrials and consumer discretionary rose, extending the recent rotation out of growth and into so-called value names.

The Nasdaq was on track for its first monthly loss since November following the recent rise in Treasury yields. Tech stocks, which have a low-rate environment heavily baked into their high valuations, have been among the hardest hit by the rise in yields.

"It's somewhat of a leadership-less market," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "Investors' preferences are flipping around here almost on a daily basis, primarily between tech plus and cyclicals.

"Cyclicals have certainly had the upper hand here for a while, trading off the reopening of the economy. Tech plus holds in there because it's really the promise of the future - it should provide investors with steady growth."

The benchmark U.S. 10-year Treasury yield hit a 14-month high of 1.776% early on Tuesday, but was at about 1.717% by late afternoon in New York.

Unofficially, the Dow Jones Industrial Average fell 100.3 points, or 0.3%, to 33,071.07, the S&P 500 lost 12.21 points, or 0.31%, to 3,958.88 and the Nasdaq Composite dropped 14.25 points, or 0.11%, to 13,045.39.

"For the next day or two, (value stocks) will probably be leaders because we have quarter-end and institutions want to make sure that they have exposure to the names that performed well," said Robert Pavlik, senior portfolio manager at Dakota Wealth in New York.

Bets on a swift economic rebound backed by vaccine rollouts and unprecedented stimulus have helped the S&P 500 and the Dow hit record closing highs recently.

On Wednesday, President Joe Biden will unveil more details about the first stage of his infrastructure plan, which could be worth as much as $4 trillion.

Bank stocks rebounded as investors took heart from signs that the impact from the fall of a U.S. hedge fund did not ripple out to broader markets.

Wells Fargo (NYSE:WFC) & Co jumped after the lender said it had a prime brokerage relationship with Archegos Capital and that it no longer had any exposure and did not experience any losses.

S&P 500 ends down slightly; tech trims losses as yields come off highs
 

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Comments (7)
Christos Rammos
Christos Rammos Mar 30, 2021 4:22PM ET
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More down coming
Nison Kay
Nison Kay Mar 30, 2021 12:47PM ET
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all tech stocks I'm watching are all green today.
Ronald Chong Kok Hoong
Ronald Chong Kok Hoong Mar 30, 2021 11:49AM ET
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Human traders don't react much to the increase in bond yield. Algo traders such as hedge funds are the ones that react to bond yield because it messes with their calculations.
Jim Jones
Jim Jones Mar 30, 2021 11:37AM ET
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Free money for all. That is what is driving this ponzi scheme
Jason Maki
Jason Maki Mar 30, 2021 11:37AM ET
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everything comes at a cost
Kaveh Sun
Kaveh Sun Mar 30, 2021 10:55AM ET
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Reuters writer r robots. They keep using the same excuse gain n again until somebody in the news comes up with a new one.
Wilson Lim
Wilson Lim Mar 30, 2021 9:58AM ET
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greed will lead to more losses. just be careful...Dow had been risen all these while...I guess it is time to go for correction...
Casador Del Oso
Casador Del Oso Mar 30, 2021 9:29AM ET
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Wait until the real pressure starts. Business tax increases, interest rate hikes, and the end of stimulus.
 
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