Tech Weakness Keeps Wall Street Under Pressure-Reuters

Wall Street’s main indexes slipped on Tuesday, with the Nasdaq lagging the most as rising Treasury yields weighed on major technology stocks, while gains in banking and energy stocks helped limit broader market losses. The S&P 500 energy index jumped 2.7 percent as oil prices rose after a move by the United States and other consumer nations to release oil from their reserves to try to cool the market fell short of some expectations. The S&P banks subindex rose 1.3 percent, extending Monday’s gains, with Goldman Sachs, JPMorgan, and Bank of America rising more than 1 percent each as investors ramped up expectations for interest rate hikes next year after Jerome Powell was nominated as Fed Chair for a second term. The S&P tech sector, however, sank 0.9 percent as rising yields dented appeal of the high-growth sector. “It’s possible that interest rates will be moved higher earlier than expected,” … Wall Street’s main indexes slipped on Tuesday, with the Nasdaq lagging the most as rising Treasury yields weighed on major technology stocks, while gains in banking and energy stocks helped limit broader market losses. The S&P 500 energy index jumped 2.7 percent as oil prices rose after a move by the United States and other

Reuters

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