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Wall Street drops as tech stocks hit by spike in yields

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Wall Street opens lower as spike in yields pressures tech stocks

REUTERS: Wall Street's main indexes slipped on Tuesday as investors pulled out of heavyweight tech-related stocks and flocked to undervalued banks and industrial stocks amid a rise in U.S. bond yields.

"We are going through a period where people are adjusting to slightly higher rates," said Jon Maier, chief investment officer at Global X ETFs in New York. Bank stocks rebounded 1.7per cent as investors took heart from signs that the impact from the fall of a U.S. hedge fund didn't ripple out to broader markets.

 

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