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Nasdaq Racks Up More Gains as Bond Yields Head Lower

Stock Markets Mar 22, 2021 03:35PM ET
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© Reuters

By Yasin Ebrahim

Investing.com – The Nasdaq climbed Monday as falling U.S. bond yields prompted fresh buying of tech stocks after last week's rout.   

The Dow Jones Industrial Average rose 0.35%, or 115 points, the S&P 500 was up 0.35%, while the Nasdaq Composite was up 1.46%.

The United States 10-Year yield fell below 1.7% following a surge to 14-month highs last week, driven by technical factors that analysts say pushed rates too high too fast and will likely continue to subside.

The recent price action has been driven by overnight selling and U.S. banks holding back demand - all of which are "likely to temper or reverse," Morgan Stanley (NYSE:MS) said in a note.

Facebook (NASDAQ:FB), Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Amazon.com (NASDAQ:AMZN) and Google-parent Alphabet (NASDAQ:GOOGL) were in the green.

Tesla (NASDAQ:TSLA), meanwhile, also helped prop up the Nasdaq after rallying 5% in the wake of a bullish note from ARK fund manager Cathie Wood. Wood estimated that Tesla shares will rise to $3,000 by 2025.

iShares PHLX Semiconductor ETF (NASDAQ:chip stocks) inched higher despite ongoing supply-issues in the industry.

The decline in rates, however, triggered selling of rate-sensitive bank stocks, pushing financials and the broader value sector lower.

Sentiment on value stocks – those which tend to rise in an improving economy – was also dented somewhat by a third wave of Covid-19 in Europe that threatens global demand.

United Airlines Holdings (NASDAQ:UAL), Delta Air Lines (NYSE:DAL) and American Airlines Group (NASDAQ:AAL) fell into the red, with the latter down about 4%, shrugging off data showing U.S. air travel hit one-year high.

The Transportation Security Administration said that it screened 1.5 million people on Sunday, the highest number of passengers it has seen on a single day since March 13 of last year. 

Energy stocks were paced by a sluggish oil prices as investor jitters that lockdowns across Europe will stifle air travel, hurting demand for jet fuel.

In other news, U.S.-China trade tensions appear to be on the rise again after the U.S. imposed sanctions against two Chinese officials over alleged human rights abuses. The move came as the European Union, the United Kingdom and Canada took similar action against China.

Nasdaq Racks Up More Gains as Bond Yields Head Lower
 

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Comments (9)
Dr Gogu
Dr Gogu Mar 22, 2021 4:12PM ET
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This is different. Green tomorrow and this week. There's end of quarter rotation to tech. Get in now!!
Dave Jones
Dave Jones Mar 22, 2021 2:42PM ET
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One day someone is going to point and laugh and say the Emperor wears no clothes!
Muza Favorites
Muza Favorites Mar 22, 2021 2:41PM ET
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Tomorrow red again, we have seen this many times
Fabrice Lange
Fabrice Lange Mar 22, 2021 2:41PM ET
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Pump and dump for next days...
Dave Jones
Dave Jones Mar 22, 2021 2:39PM ET
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Nasdaq up because Nasdaq up
Erski Gumby
SB20 Mar 22, 2021 2:33PM ET
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Market will be red tomorrow when the bond yields go up by .0000001
Candelaria Aljun
Candelaria Aljun Mar 22, 2021 2:27PM ET
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👍👍👍
Tayyab Butt
Tayyab Butt Mar 22, 2021 2:26PM ET
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👍👍👍
Shane Gg
Shane Gg Mar 22, 2021 2:06PM ET
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Stayed tuned for tomorrow's episode....
Rafael Undurraga
Rafael Undurraga Mar 22, 2021 1:54PM ET
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ATH target on Q2: 17.000
 
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