U.S. stocks dropped Thursday, weighed down by declines in technology shares.
The Dow Jones Industrial Average slumped 1.2% in afternoon trading after closing Wednesday at an all-time high. The S&P 500 fell 1.8%, and the Nasdaq Composite lost 2.7%.
Stocks have wobbled the past week as investors have grappled with a sharp and swift rise in bond yields. The shift, which money managers have broadly attributed to bets on inflation and growth picking up, has tempered enthusiasm for some of the pricier sectors of the stock market.
The S&P 500 technology sector slid 2.2% Thursday, among the worst-performing groups in the index. Meanwhile, parts of the market thought to benefit most from rising economic growth, like financials and energy, wobbled between small gains and losses.
“The market is jittery. The bond yields’ rising is putting equities, especially growth stocks, under pressure,” said Sebastien Galy, a macro strategist at Nordea Asset Management. “There is a bit of a risk reduction broadly.”
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