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Resurgence in Treasury yields hammers tech stocks, drives Nasdaq below 13,000 to mark worst 2-day skid in 6 months

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U.S. stock benchmarks on Wednesday closed lower and technology and tech-related shares got whacked as a continued rise in bond yields forced a rotational shift out of highflying tech.

U.S. stock benchmarks on Wednesday closed lower and technology and tech-related shares got whacked as a continued rise in bond yields forced a rotational shift out of highflying tech and into areas of the market that might benefit from a regime of rising interest rates, like banks XLF, +0.78% and energy XLE, +1.47%.

finished down nearly 11% in its public debut. And the 10-year Treasury note TMUBMUSD10Y, 1.473% was around 1.47%.

 

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I don’t even know what to say anymore. The past month has been a complete train wreck for me.

DemoCRATS market worst than Republicans market.

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