Tech shares trimmed losses in afternoon trading with Treasury yields off the day's high, but the S&P technology sector ended down 1 per cent on the day and was the biggest drag on the S&P 500. — Reuters picNEW YORK, March 31 ― US stocks ended down slightly yesterday, with investors selling tech-related growth shares after US Treasury yields hit a 14-month high.
Tech stocks, which have a low-rate environment heavily baked into their pricey valuations, have been among the hardest hit by the rise in yields. The 10-year US Treasury yield rose to 1.776 per cent in early London trade, its highest since January 22. But the yield reversed and was lower in late New York trading as traders prepared for quarter-end.
A leading value index was up 0.1 per cent while a growth index shed 0.6 per cent in a continuation of a trend since late last year. Bank stocks rebounded as investors took heart from signs that the impact from the fall of a U.S. hedge fund did not ripple out to broader markets.