Market Update
On Tuesday, the 30-year Treasury yield surged to 5.19%, marking its highest point since before the 2008 financial crisis. This rise in bond yields has increased borrowing costs for corporations and negatively impacted growth-oriented technology stocks, with the Nasdaq Composite index experiencing the steepest decline, down 0.86% by midday.
In particular, Alphabet and Amazon were significant detractors for the Nasdaq and S&P 500, with Alphabet falling approximately 2% and Amazon dropping about 3%. Global geopolitical tensions, including warnings from Iran regarding potential actions against the U.S., also contributed to the market’s downward trend, as oil prices climbed 2% amid ongoing concerns about the blocked Strait of Hormuz.
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