Constellation Research founder Ray Wang on his outlook for technology stocks like Coupang and Roblox.<\/p>\n
The Dow Jones Industrial Averageand the S&P 500 rallied to record highs Friday as tech and other high-flying growth stocks succumbed to rising bond yields.<\/p>\n
The Dow climbed 291points, or 0.9%, and the S&P added 0.1%. The tech-heavy Nasdaq, meanwhile, slumped 0.59%.<\/p>\n
The mixed session came as aggressive selling of longer-dated U.S. Treasurys caused the 10-year yield to rise 11basis points to 1.63%, making for the highest close since February 2020.<\/p>\n
Looking at stocks, high-growth companies including mega-cap technology names like Tesla Inc., Microsoft Corp. and Facebook Inc. were all lower. <\/p>\n
Financials, which benefit from a steepening of the yield curve, all gained with Bank of America Corp. and JPMorgan Chase & Co. finishing among the top performers.<\/p>\n
Meanwhile, Novavax Inc.s COVID-19 vaccine was found to be 96% effective against the original version of the virus, according to a U.K. study. However, the vaccine was 86% effective against the U.K. variant and only 55% effective against the South African strand. Shares soared on the developments.<\/p>\n
AstraZeneca plc and Oxford Universitys COVID-19 vaccine was suspended in Thailand due to blood clots in some recipients. The vaccine has also been put on hold in eight European countries, including Norway and Denmark.<\/p>\n
In earnings, Ulta Beauty Inc. reported quarterly earnings and revenue that exceeded Wall Street estimates but issued disappointing full-year guidance amid concern masking and social-distancing orders will remain in place for much of 2021. The company also announced that CEO Mary Dillon will step down in June and be replaced by President Dave Kimbell.<\/p>\n
In commodities, West Texas Intermediate crude oil fell 41cents to $65.61a barrel and gold slumped $2.80to $1,719.50 an ounce. <\/p>\n
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European markets ended mixed with Germanys DAX 30 down 0.46%, Frances CAC 40 inching up 0.21% and Britain's FTSE 100 climbing by 0.36%.<\/p>\n
In Asia, Hong Kongs Hang Seng index lost 2.2% while Chinas Shanghai Composite Index and Japans Nikkei 225 advanced 0.47% and 1.73%, respectively.<\/p>\n
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Dow, S&P hits record as big tech retreats and bond yields surge - Fox Business<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Constellation Research founder Ray Wang on his outlook for technology stocks like Coupang and Roblox. The Dow Jones Industrial Averageand the S&P 500 rallied to record highs Friday as tech and other high-flying growth stocks succumbed to rising bond yields. The Dow climbed 291points, or 0.9%, and the S&P added 0.1%. Continue reading