are pointing to further losses on Friday after the pop in interest rates pushed the tech-heavy Nasdaq Composite to its worst trading session since October.briefly surpassed 1.6% on Thursday, its highest in over a year, fueled by expectations for higher economic growth and inflation on the back of Covid vaccine rollouts, the prospect of significant fiscal stimulus from Washington and pent-up consumer demand. The 10-year rate mellowed on Friday morning, last seen at 1.4719%.
"Until recently, market participants have been able to digest the upward drift in long-term rates, but it appears that the next leg up in interest rates is a bigger bite to chew," said Charlie Ripley, senior investment strategist at Allianz Investment Management. "Looking at where real yields were at, they were simply too low when considering growth expectations, and it's likely that long-term real yields will continue to drift higher as economic data improves."
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