The NASDAQ Composite Index closed lower for the second straight session on Tuesday, while the rest of Wall Street had a mixed performance, as rising Treasury yields led investors to sell shares of Tesla and other big tech companies.
Treasury yields amplified gains as investors had more expectations of interest rate hikes next year after Jerome Powell was nominated by President Joe Biden for a second term at the Fed.
Tesla and Microsoft both fell for much of the session, and companies were among the biggest burdens for the S&P 500 and NASDAQ.
“The market is being battered for a short week, and it is taking direction from the recent rate hike, giving investors additional reason to profit in an overvalued market,” said Sam Stovall, chief investment strategist at CFRA Research.
With banks benefiting from the rate hike, the S&P 500 sector index rose. The energy index was the one with the best performance.
The Dow Jones Industrial Average rose 0.55% to 35,813.80 points, the S&P 500 gained 0.17% to 4,690.70 units and the NASDAQ Composite was down 0.50% to 15,775.14 points.
In Mexico, the S & P / BMV IPC of the Mexican Stock Exchange rose 1.23% to 51,116.32 points and the FTSE-BIVA of the Institutional Stock Exchange gained 1.19% to 1,052.67 units.
Reference-www.eleconomista.com.mx