Shares of technology companies ticked down as a recent run-up in the sector paused a session after the Nasdaq Composite s latest record high. There has been a rotation back into uber-growth.
Shares of banks and other financial institutions rose as the yield on the 10-year Treasury note. The stage is set for a gradual increase in Treasury yields as recent statements from the Federal.
Communications services companies were more or less flat, as traders rotated into sectors with more to gain from reopening of economies worldwide. AT&T expanded its board of directors to 13.
Financials Up As Traders Hedge On Yield Views Financials Roundup
06/04/2021 | 05:24pm EDT
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Required fields Shares of banks and other financial institutions ticked up as traders hedged their bets on the outlook for Treasury yields. The yield on the 10-year Treasury note fell sharply after a weaker-than-expected May jobs report. Still, burgeoning inflation is expected to keep upward pressure on yields. Two major U.S. banks, JPMorgan and Citigroup, said they will resume campaign donations from their political-action committees. Write to Rob Curran at rob.curran@dowjones.com (END) Dow Jones Newswires
Tech Up As Fears About Rising Treasury Yields Abate Tech Roundup
06/04/2021 | 05:31pm EDT
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Message : Shares of technology companies rallied as fears about rising Treasury yields abated. The tech sector has been sensitive to shifts in Treasury yields because of valuation concerns and investment-risk calculations. Facebook said it s suspending Donald Trump s accounts for two years, formalizing a long-term penalty for the former U.S. president after its independent Oversight Board said the company was wrong to keep the ban open-ended. That was minutes before the Tesla chief executive tweeted breakup memes with #bitcoin and a broken-heart emoji. Bitcoin s price slid to $36,417, a far cry from the record $64,802 it traded at in mid-April.