Stocks on Wall Street fell again Monday, though the market ended up bouncing nearly all the way back from an early slide led by technology companies.
“It has the market a little bit rattled from the uncertainty of it all,” said J.J. Kinahan, chief strategist at TD Ameritrade. “I would expect volatility to continue to stay elevated for the rest of the first quarter, at least, as we continue to grapple with this question.”The S&P 500 slipped 6.74 points to 4,670.29. The drop extended the index’s losing streak to five days. It’s now about 2.6% below the all-time high it set a week ago.
Early on, when bond yields were rising, technology stocks were the biggest drag on the S&P 500. Higher interest rates make the stocks of expensive tech companies and other pricey growth companies less attractive to investors, which is why the sector has been slipping as bond yields rise. The tech sector has been the biggest weight on the market through January and is coming off of its worst week since October 2020.
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