Dow Flat But Big Tech Continues To Struggle While Energy Stocks Add To Gains

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The energy sector is up nearly 30% this year–far outperforming any other sector.

The booming technology trade that has lifted stocks to new highs during the pandemic continues to unravel Wednesday as inflation concerns rattle the market despite a strong resurgence among hard-hit energy firms.... [+]Shortly after the market open, the Dow Jones industrial average ticked down 60 points, or 0.2%, while the S&P 500, which broke a five-day losing streak on Tuesday, and the tech-heavy Nasdaq fell 0.3% and 0.5%, respectively.

Energy firms continued to head up market gains Wednesday, with Cabot Oil & Gas Corp and Entergy climbing 6% and 2%, respectively; the S&P 500 Energy Index has soared 27% this year–more than double the return of any other sector over the same period. Technology stocks, on the other hand, continued to slip: Apple, Amazon and Alphabet all fell about 1% Wednesday morning.

Elsewhere in the market, Tesla rival Fisker Inc. is soaring nearly 20%, nearly hitting a record high from November, afterShares of payments fintech Square, meanwhile, are sinking about 5% after the firm disclosed in afourth-quarter earnings report that it has doubled-down on a $50 million bitcoin investment from October, purchasing $170 million more of the world's largest cryptocurrency since.

Yields on the 10-year Treasury–which moves inversely to stocks–rose 50 basis points Wednesday to 1.4%, tacking on to their highest level since last February following congressional testimony from Federal Reserve Chair Jerome Powell, who insisted Tuesday that monetary policy would remain accommodative despite inflationary concerns.

 

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