Tech stocks turn solidly lower midday Monday as benchmark 10-year Treasury punches up to 1.60% to start Thanksgiving week


The Nasdaq Composite on Monday pivoted into negative territory, and the broader stock market was off its best levels of the session, as Treasury rates rose, putting pressure on the yield-sensitive index. The Nasdaq COMP, -1.26% was trading near the lows of the session, down 0.8% at around 15,930, after setting an intraday record earlier at 16,212.23. The downturn for the benchmark came as the 10-year Treasury yield TMUBMUSD10Y, 1.635% rose to around 1.60%, from 1.535% on Friday afternoon. The rise in yields comes as Federal Reserve Chairman Jerome Powell was nominated by President Joe Biden for a second term as head of the U.S. central bank, as had been widely expected. Meanwhile, the other benchmarks were trading solidly higher but off their best levels. The S&P 500 index SPX, -0.32% was trading off 0.3% at around 4,712, after establishing an intraday all-time high at 4,743.83, while the Dow Jones Industrial Average DJIA, +0.05% was trading 0.6% higher at roughly 35,825. U.S. markets will be closed Thursday and see an abbreviated session Friday.

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