Technology stocks rallied Tuesday, with the Nasdaq Composite logging a big gain a day after sliding into correction territory.
Investors appeared to be bargain-hunting, pouncing on stocks that had been beaten down over the past several weeks. Shares of Tesla, Roku and Square rose substantially, while tech’s heavyweights, Apple, Amazon.com and Facebook , were also up. At the same time, a selloff in government bonds appeared to be on pause. The yield on the 10-year Treasurys ticked lower to 1.538% on Tuesday. It had ended the previous day at 1.594%, the highest level in more than a year.
The stabilization in bond markets is likely to help tech shares recoup some of their losses, investors said. Money managers expect many companies in the sector to continue to benefit from increased online shopping and at-home access to media, entertainment and computing options even as Covid-19 lockdowns ease.
“It is this buy-the-dip mentality,” said Daniel Morris, chief market strategist at BNP Paribas Asset Management. “It’s not like we’ve changed our long-term view on tech. Everyone expects it to do well—it was just really expensive.”
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