Stock Market Today: Dow ends lower on tech weakness as rising Treasury yields bite
Investing.com — The Dow ended lower Monday, though cut some losses into close despite weakness in tech amid rising Treasury yields ahead of the monthly jobs report later this week.
By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average fell 35 points, or 0.1%, the S&P 500 fell 0.6%, and the NASDAQ Composite fell 0.8%.
Growth sectors of the market including tech stocks took a breather from their recent climb as Treasury yields started the week on the front foot as investors question recent bets on sooner rather later rate cuts ahead of key economic data this week.
«The US jobs report next Friday will be the highlight of the week, with the University of Michigan data also in focus,» Deutsche Bank said in a note on Monday, estimating the economy produced 130,000 in November, with the unemployment rate unchanged at 3.9%.
The yield on the 10-year Treasury rose 4 basis points to 4.266%, with some suggesting the recent plunge in yields on Fed cut bets has been too much too fast. "[T]he market has moved too quickly towards pricing a more balanced environment that we expect will come only slowly," {{0|Goldman Sachs said in a recent note.
Big tech stumbled, paced by a decline in Alphabet Inc Class A (NASDAQ:GOOGL) and Apple Inc (NASDAQ:AAPL), with the latter also weighed by concerns about iPhone production disruptions.
Apple is reportedly facing iPhone supply disruptions in India as suppliers Foxconn and Pegatron stopped iPhone production at facilities near Chennai, India owing to adverse weather Reuters reported Monday, citing sources.
Meta Platforms Inc (NASDAQ:META), meanwhile, fell more than 1% after CEO Mark Zuckerberg sold 680,000 of his shares in the company in November, according to a US Securities and Exchange
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