Benzinga
Big Tech Back Under Pressure From Rising Yields, With Apple, Microsoft, Semis Hit
A day after the Fed waved the green flag, the Treasury market raised a caution sign for growth stocks. New 14-month highs in the 10-year yield have investors’ feet firmly on the brakes this morning, especially in the Tech sector. Even without the early yield rise to as high as 1.75%, yesterday’s post-Fed rally would have been a tough act to follow. The Dow Jones Industrial Average ($DJI) closed above 33,000 for the first time and the S&P 500 Index (SPX) started to flirt with 4,000. Investors apparently enjoyed the Fed’s forecast for strong economic growth and