US Stocks Mostly Slip as Treasury Yields Hit 3-Month High

On Tuesday, most US stocks slipped as Treasury yields reached a three-month high, reflecting investors’ preparation for possible tapering. 

Moreover, the benchmark S&P 500 tumbled 0.28% or 12.37 points to $4,443.11 per share. 

The worst performer on the index, Garmin Ltd., sharply declined 5.80% or 10.01 points to $162.61 per share. 

Consequently, expectations that the pandemic would eventually be under control weighed down the biotech firms.

For instance, Bio-Techne Corp. tumbled 5.09% or 27.43 points to $511.45 per share. 

Subsequently, Moderna Inc. edged down 4.95% or 21.30 points to $408.84 per share. 

Furthermore, the Nasdaq Composite index decreased 0.52% or 77.73 points to $14,969.97 per share. 

The online marketplace company MercadoLibre inched down to 5.43% or 101.47 points to $1,768.15 per share. 

Accordingly, software companies performed weakly in comparison with other US stocks. 

In particular, Atlassian Corporation dwindled by 5.33% or 22.05 points to $391.89 per share.

Likewise, Okta, Inc. curtailed 4.72% or 11.97 points to $241.46 per share. 

Consequently, Adobe Inc. sank 3.06% or 19.06 points to $603.65 per share. 

Meanwhile, the Dow Jones Industrial Average index slightly climbed 0.21% or 71.37 points to $34,869.37 per share. 

Chemicals company Dow Inc. led gains as it skyrocketed 5.07% or 2.88 points to $59.69 per share.

At the same time, JPMorgan Chase & Co. surged 2.42% or 3.94 points to $166.98 per share. 

The hawkish shift of the Federal Reserve pushed the US Treasury yields as it hiked 0.05 points to a 1.53% level.

US Stock Futures Sank as Treasury Yields Surged

Meanwhile, US stock futures sank amid the surge in Treasury yields. 

The DJIA futures narrowed 0.49% or 171.00 points to $34,576.00 per share. 

Also, the S&P 500 futures skidded 0.89% or 39.50 points to $4,393.50 per share. 

Similarly, the Nasdaq 100 futures lowered 1.59% or 240.50 points to $14,952.25 per share. 

Economic optimism and concerns about inflation hike caused the uneven session of the US stocks and futures. 

In addition, traders are on edge as the Delta variant, the central bank’s tapering plans, and inflation spilt worries in the market. 

Last week, Fed Chair Jerome Powell hinted that the asset tapering could start as soon as November, flagging an increase in interest rates.

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