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ASX set to slide as tech stocks send Wall Street lower

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Technology stocks dragged Wall Street lower but investors were boosted after a speech by US Fed chief Jerome Powell.

Declines in technology stocks are dragging the broader market lower on Tuesday as investors remain increasingly focused on a big tick up in bond yields and what it means for the overall market.

The companies that were dragging down the overall market were the big tech names that had pushed the market significantly higher the past year: Apple, Amazon, Microsoft and Tesla. Since the pandemic began, investors consistently pushed the prices of these companies’ stocks to stratospheric heights, betting that quarantined consumers would do most of their shopping online and spend money on devices and services for entertainment.

A bigger part of the reason for the decline has been what’s going on in the bond market, and the dynamic that happens to stock valuations when bond yields rise. The yield on the 10-year Treasury note rose to 1.36 per cent, continuing its quick climb up over the last few weeks.

 

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