Wall Street turns lower with pressure from tech
SPY•SPY•SPY•SPY•U.S. stocks turned lower as technology shares sold off, with the Nasdaq down about 1.8% and the S&P 500 technology sector down 2.4%. The 10-year Treasury yield rose to about 5.13%, while consumer staples gained 1%.
The S&P 500 and Nasdaq gave up modest early gains as technology stocks sold off. The Nasdaq was down about 1.8%, while the technology sector was the weakest S&P 500 sector, falling 2.4%; consumer staples gained 1%.
U.S. producer prices rose 0.3% in October, below economists’ 0.4% estimate, while September’s increase was revised up to 1.4% from 1.3%. Traders raised the implied probability of a quarter-point Federal Reserve rate increase in December to about 88% from 85.5%, and the 10-year Treasury yield rose to about 5.13%.
Nvidia fell 3% and was on track for a sixth consecutive weekly decline. Advanced Micro Devices dropped more than 9%, while Microsoft was down 0.7% after an outage affecting Outlook and Teams that lasted more than 12 hours. The VIX rose above 20.
