NEW YORK, Feb.22 (Reuters) – The S&P 500 and the Nasdaq closed lower on Monday as rising bond yields on fears of resuming inflation weighed once again on large growth stocks.
The Dow Jones index gained 0.09% to 31,521.69. The larger S&P-500, on the other hand, lost 0.76% to 3,876.84 and the Nasdaq Composite 2.45% to 13,534.50 points, affected by the decline in technology stocks.
Equities are suffering again from the rise in bond yields on fears that a normalization of economic life will lead to an uncontrolled rise in inflation and a tightening of monetary policies by central banks.
The ten-year American posted a one-year high at 1.394% in session before returning to around 1.37%.
However, some analysts observe that this decline is not a real surprise, after the strong increase in equities last year and since early 2021.
“This is a slight correction, mainly because stocks are overheating a bit. Suddenly, there are people who are making a mountain out of nothing,” said Brian Reynolds, chief market strategist at Reynolds Strategy.
Federal Reserve Chairman Jerome Powell, during his congressional hearings this week, is likely to reiterate his commitment to maintain a very accommodative policy for as long as necessary.
Apple, Netflix, Amazon, Microsoft and even Tesla are continuing their downward trend that began last week.
In contrast, media group Discovery Inc jumped after saying it expected to have 12 million paying subscribers worldwide to its streaming service by the end of February, thus riding the lure of this type of recreation since the implementation of containment measures.
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