Tech pulls stocks lower as bond yields continue upward march

Friday, March 5, 2021, Vol. 45, No. 10
The Associated Press

Stocks turned lower on Wall Street as bond yields made another upward spike, renewing pressure on high-flying technology companies.

The S&P 500 fell 1.3% Thursday, its third straight loss. The Nasdaq pulled back 2.1%.

The losses came as the yield on the 10-year Treasury rose sharply during a question-and-answer session with Federal Reserve Chair Jerome Powell during which Powell said that any pickup in inflation in coming months would likely be temporary, disappointing investors who were hoping for a firmer stance against inflation.

The price of oil rose 4.2% after OPEC members agreed to leave most of their existing production cuts in place.