According to the stock market on the 20th, last night Facebook closed a 2.91% decline from the previous day. Amazon.com fell 2.35%, and Google’s parent company Alphabet also fell 0.81%. Netflix fell 1.46% and Microsoft (MS) fell 1.16%, respectively. Apple rose 0.12%.
The weakness in technology stocks is due to rising market interest rates. On this day, the 10-year Treasury bond yield reached 1.363% during the intraday, breaking the highest for a year. In a low interest rate environment, expectations for high growth in large technology stocks have emerged, but as interest rates rise, the relative investment attractiveness is falling.
Kiran Ganesh, a strategist at UBS Global Wells Management, said, “The biggest uptrend in the stock market over the past few months was the lack of competing assets.” I can do it.”
The stock market has also stalled as a brake on the rise of large technology stocks.
On the New York Stock Exchange last night, the Dow Jones 30 Industrial Average closed at 31,1494.32, up 0.98 points (0.0%) from the battlefield. The Standard & Poor’s (S&P) 500 index closed at 3906.71, down 7.26 points (0.19%) from the battlefield, while the technology stock-oriented NASDAQ index closed at 13874.46, up 9.11 points (0.07%).
The market expects further stimulus discussions to progress.
US Treasury Secretary Janet Yellen said, “It’s very important to push forward with a big package to alleviate (Americans’) suffering.”
The Democratic Party plans to pass a $1.9 trillion stimulus bill by the end of next week in the House of Representatives. In addition, there were reports that President Joe Biden could push forward a $3 trillion infrastructure investment bill after the stimulus was prepared.
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