An uptick in bond yields caused suffering at the opening of Wall Street trading. — AFP picNEW YORK, Mar 18 — An uptick in bond yields caused suffering at the opening of Wall Street trading today, with tech stocks slumping even as the Dow built on its record-setting close.
Thursday’s bogeyman was a familiar one: the yield on the 10-year US Treasury bond, which ticked above 1.7 per cent as investors signalled their fears of an inflationary spike caused by the US economy’s presumed healing from the Covid-19 downturn. “The implication is that the stock market doesn’t like so much what the Treasury market is thinking, because the jump in long-term rates is a threat to the high-multiple growth stocks.”
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