REUTERS: U.S. stock indexes fell on Monday as climbing Treasury yields and prospects of rising inflation triggered valuation concerns, hitting shares of high-flying growth companies.
"Most growth stocks benefit from declining interest rates. If interest rates are expected to rise, then that would reduce the intrinsic value of growth stocks." The S&P 500 financial sector rose 0.2per cent, while energy stocks gained 2.2per cent on higher oil prices. Nine of the 11 major S&P 500 sectors were in negative territory.
The incidents have also put engine maker Pratt & Whitney in the spotlight, with shares of owner Raytheon Technologies Corp, falling 1.8per cent.
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