Nasdaq Ekes Out Gain as Oil, Treasury Yields Climb; Chips Decline
SOX has more than doubled off its 52-week low of $6,125.005.
Summary
The Nasdaq closed nominally higher while the S&P 500 and Dow slipped, as rising oil prices and multi-year high Treasury yields kept inflation worries front and center. The 10-year yield touched 5.223% and 30-year yields hit their highest since 2004, pressuring growth stocks. Chips declined while FANGS advanced, leaving the semiconductor index lagging. Fed officials Hammock and Paulson signaled more rate hikes are likely, adding to the risk-off tone. Raging conflict in the Middle East and rising yields weighed on stocks. Watch Friday's durable goods report and University of Michigan consumer sentiment for further direction.
At the time of this announcement, SOX was trading at $12,492.54 on NASDAQ in the Technology sector. The 52-week trading range was $6,125.01 to $14,655.29. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.