U.S. stocks open lower as tech lags

Xinhua
23 Feb 2021, 02:05 GMT+10

NEW YORK, Feb. 22 (Xinhua) -- U.S. stocks opened lower on Monday amid a noticeable pullback in the tech sector.

Shortly after the opening bell, the Dow Jones Industrial Average sank 193.09 points, or 0.61 percent, to 31,301.23. The S&P 500 decreased 31.27 points, or 0.80 percent, to 3,875.44. The Nasdaq Composite Index dipped 194.64 points, or 1.40 percent, to 13,679.82.

Nine of the 11 primary S&P 500 sectors dropped in morning trading, with technology down 1.3 percent, leading the laggards. Energy rose 2.1 percent, the best-performing group.

The above market moves came as rising bond yields stoked worries that equities, particularly highflying tech shares, have grown too expensive.

The yield on the benchmark 10-year U.S. Treasury jumped to 1.34 percent last week, near its highest level since February 2020.

For the week ending Friday, U.S. equities posted mixed results as Wall Street assessed the possibility of further fiscal stimulus, while sifting through a slew of economic data. The Dow logged a weekly rise of 0.1 percent, while the S&P 500 and the Nasdaq Composite fell 0.7 percent and 1.6 percent, respectively.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to International Travel News.

More Information

30 ℃

Partly Cloudy in Seletar

Hospitality

Section

No. 15 Texas uses balance to dispatch TCU

Andrew Jones poured in 16 points and four other Texas players scored in double figures as the 15th-ranked Longhorns rolled ...

Stephen Curry wins 3-point title, Domantas Sabonis shows skills

Stephen Curry captured the NBA 3-Point Contest on Sunday night, swishing his last shot -- a bonus two-point ball -- ...

Michigan State pulls off upset of No. 2 Michigan

Rocket Watts had 21 points off the bench and host Michigan State avenged a loss to rival Michigan three nights ...

Stumped Klopp needs 'masterpiece' to fix ailing Liverpool

Liverpool manager Jurgen Klopp said it would take a "masterpiece" for him to figure out how to solve his side's ...

Balanced effort leads Tennessee past Florida

Keon Johnson, John Fulkerson and Victor Bailey Jr. each scored 14 points to spark Tennessee to a 65-54 comeback victory ...

UDF-LDF turned Kerala into centre-stage of violence: Shah

Thiruvananthapuram (Kerala) [India], March 7 (ANI): Slamming the popular alliances Left Democratic Front (LDF) and United Democratic Front (UDF) in ...

Travel and Tourism

Section