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U.S. stocks mixed as rising yields pressure tech sector

Published Mar 28, 2023 09:43AM ET Updated Mar 28, 2023 10:28AM ET
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By Liz Moyer

Investing.com -- U.S. stocks were mixed as Treasury yields were on the rise, pressuring growth stocks and big tech.

At 10:21 ET (14:21 GMT), the Dow Jones Industrial Average was up 68 points or 0.2%, while the S&P 500 was down 0.1% and the NASDAQ Composite was down 0.5%.

The yield on the 2-year Treasury rose above 4% to 4.05%, while the yield on the 10-year Treasury was 3.573%. Investors are less worried about the banking sector after the weekend deal by Raleigh, N.C.-based First Citizens BancShares Inc (NASDAQ:FCNCA) to buy parts of the failed Silicon Valley Bank.

The news lifted bank stocks on Monday and fueled gains for the Dow.

Futures traders now see an even chance of the Federal Reserve lifting interest rates by a quarter of a percentage point or leaving them unchanged when it meets in May.

CB consumer confidence came in stronger than expected despite the recent banking turmoil. The reading was 104.2 versus expectations of 101 for March.

Fed Vice Chair for Supervision Michael Barr is appearing in the Senate to testify in the first of several hearings about the collapse of Silicon Valley Bank and Signature Bank.

Alibaba Group Holdings Ltd ADR (NYSE:BABA) shares rose 7.6% after the Chinese e-commerce firm said it plans to split into six units covering e-commerce, media and the cloud. Each unit will have the ability to raise funding and go public, the company said.

Shares of ride-hailing firm LYFT Inc (NASDAQ:LYFT) rose 2.7% after it said its co-founders would step away from day-to-day management and former Amazon (NASDAQ:AMZN) executive David Risher would be its new CEO. 

Oil was rising. Crude Oil WTI Futures were up 0.7% to $73.30 a barrel, while Brent Oil Futures crude was up 0.5% to $78.17 a barrel. Gold Futures were up 0.6% to $1982.

U.S. stocks mixed as rising yields pressure tech sector
 

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Comments (6)
Stephen Boyle
Stephen Boyle Mar 28, 2023 10:51AM ET
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It's coming.... through a hole in the air.... So many companies with massive unrecognized losses on their investment portfolio because the Fed raised too much too fast. Per Cramer, Schwab has $14 billion of unrecognized losses with just $8 billion of equity. How many companies are in a similar position? GAAP accounting is lower of cost or market, it's just accounting tricks and smoke keeping this thing propped up.
Jimmy Tsang
Jimmy Tsang Mar 28, 2023 10:40AM ET
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Fears each day created by the media, how come FBI , SEC never get the media??
Brad Albright
Brad Albright Mar 28, 2023 10:40AM ET
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First Amendment.
Ac Tektrader
Ac Tektrader Mar 28, 2023 10:40AM ET
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jimmy likes the idea of a state controled media... Jimmy, that's so Chinese......
Stephen Fa
Stephen Fa Mar 28, 2023 10:40AM ET
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Twitter files clearly say otherwise, including members of the Biden White House staff. Facts are there.
Stephen Fa
Stephen Fa Mar 28, 2023 10:40AM ET
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First Amendment seems doomed.
Brad Albright
Brad Albright Mar 28, 2023 10:40AM ET
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Stephen Fa Trump and Biden staff.
Derick Lim
Derick Lim Mar 28, 2023 10:38AM ET
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After lunch the tech pressure will dissipate.......
Rff Fff
Rff Fff Mar 28, 2023 10:24AM ET
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why dont the Investing staff publishing new release of consumer confidence?the day's was main subject..when it released they became silent..because it is wasnt what u excepted?
Casador Del Oso
Casador Del Oso Mar 28, 2023 10:17AM ET
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It looks like we will shortly be back to higher rates for longer.
Chad Richer Than You
Chad Richer Than You Mar 28, 2023 10:17AM ET
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It looks like you will remain poor either way 💩💩
ev pav
ev pav Mar 28, 2023 10:13AM ET
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where is the sence about tech being pressured by lowered bond prices?
Warm Camp
Warm Camp Mar 28, 2023 10:13AM ET
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This is how derivatives structured at the moment.
 
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