U.S. stocks open lower as tech lags

Xinhua
23 Feb 2021, 02:05 GMT+10

NEW YORK, Feb. 22 (Xinhua) -- U.S. stocks opened lower on Monday amid a noticeable pullback in the tech sector.

Shortly after the opening bell, the Dow Jones Industrial Average sank 193.09 points, or 0.61 percent, to 31,301.23. The S&P 500 decreased 31.27 points, or 0.80 percent, to 3,875.44. The Nasdaq Composite Index dipped 194.64 points, or 1.40 percent, to 13,679.82.

Nine of the 11 primary S&P 500 sectors dropped in morning trading, with technology down 1.3 percent, leading the laggards. Energy rose 2.1 percent, the best-performing group.

The above market moves came as rising bond yields stoked worries that equities, particularly highflying tech shares, have grown too expensive.

The yield on the benchmark 10-year U.S. Treasury jumped to 1.34 percent last week, near its highest level since February 2020.

For the week ending Friday, U.S. equities posted mixed results as Wall Street assessed the possibility of further fiscal stimulus, while sifting through a slew of economic data. The Dow logged a weekly rise of 0.1 percent, while the S&P 500 and the Nasdaq Composite fell 0.7 percent and 1.6 percent, respectively.

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