Rising interest rates send stocks tumbling; tech plunges

Rising interest rates send stocks tumbling; tech plunges

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Euro zone government bond yields rose sharply on Thursday after US economic data bolstered the case for interest rate hikes in the world's largest economy and sent Treasury yields to multi-year peaks. The Nasdaq composite fell 105 points, or 1.3 percent, to 7,774.

The S&P index recorded 8 new 52-week highs and seven new lows, while the Nasdaq recorded 9 new highs and 45 new lows. Eastern time. The Dow Jones Industrial Average inched up 6 points to 26,634. Stocks began the day higher after the employment data added to confidence in the strength of the American economy.

The pan-European FTSEurofirst 300 index lost 0.86 per cent and MSCI's gauge of stocks across the globe shed 0.70 per cent.

Higher U.S. yields are anything but favourable for emerging markets as they tend to draw away much-needed foreign funds while pressuring local currencies.

The US 10-year Treasury yield climbed as high as 3.23% on Thursday to its highest level since mid-2011. His criticisms of the SEC don't appear to be company news, but they may have anxious investors who hoped his feed would be a little more boring from now on. "And we have the issue of the two naval boats in China, which raises it to more than just an economic issue - there's political tensions there". The dollar turned lower versus major peers.

United States stocks settled lower across the board on Thursday right in front of the key monthly USA jobs report on Friday. "We'll settle into a lower range until earnings start coming out towards the end of the month". Nixon said that means the Fed is intent on raising rates further, and investors aren't sure when it intends to stop.

Earlier, a rout in technology shares roiled Asian equity markets.

Seven of the 11 S&P sectors were higher, with the defensive utilities sector up 0.79 percent.

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The S&P 500 index lost 16.04 points, or 0.6 percent, to 2,885.57. Silver added 0.4 percent to $14.65 an ounce.

Tesla shares fell 4.5 percent after Chief Executive Officer Elon Musk stirred nerves about the settlement of his securities fraud lawsuit by mocking the U.S. Securities and Exchange Commission on Twitter. The Russell 2000 index of smaller-company stocks was 1.5 percent lower at 1,646.91. The live dollar index data show the ICE US Dollar index, a measure of the dollar's strength against a basket of six rival currencies, fell 0.2% to 95.732 but is rising now. Retailers also declined and Amazon gave up 1 percent to $1,889.65. Copper fell 0.5 percent to $2.76 a pound.

The Japanese yen strengthened 0.11 per cent versus the greenback at 113.81 per dollar, while Sterling was last trading at $1.3104, up 0.66 per cent on the day.

Similarly, the yield on the two-year Treasury note was last 2.882%, up from 2.860% Wednesday, when it hit its highest point in more than a decade.

Wholesale gasoline slipped 0.7 percent to $2.09 a gallon.

The 30-year Treasury bond reached a four-year high of 3.424 per cent, up 7 basis points from late Thursday.

West Texas Intermediate crude was flat at 74.34 a barrel.

Gold rose 0.3 percent to $1,205.60 an ounce.

The technology sector.SPLRCT sank 1.27percent, dropping for the second day in a row on a fall in Intel (INTC.O) and Microsoft (MSFT.O).

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