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Nasdaq Composite posts back-to-back declines as bond yields add to gains but Dow, S&P 500 end higher

MarketWatch logo MarketWatch 11/23/2021 Mark Decambre
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Video: Fed May Raise Rates as Soon as Next Summer, PIMCO Says (Bloomberg)

U.S. technology stocks ended lower on Tuesday as Treasury yields extended a rise, but the S&P 500 snapped a two-session slide to end higher, powered by gains in energy and financials The Dow Jones Industrial Average closed up 0.6%, or 195 points, at around 35,813, on a preliminary basis, on the back of gains from Goldman Sachs Group Inc. and UnitedHealth Group Inc. The S&P 500 index closed 0.2% higher at about 4,690, while the technology-laden Nasdaq Composite Index closed down 0.5% at 15,775, marking its second straight decline. The slump for the Nasdaq Composite came as the benchmark 10-year Treasury note rose to yield 1.665% to mark its highest yield since Oct. 21, according to Dow Jones Market Data. In corporate news, shares of Zoom Video Communications Inc. fell nearly 15% after company executives detailed falling revenue on a conference call late Monday. In economic data, a pair of surveys by IHS Markit showed U.S. businesses grew rapidly in November, even as they're still being hampered by labor and supply shortages that are feeding the biggest burst of inflation in 31 years. In other markets, oil futures climbed after the White House announced a plan to release 50 million barrels of oil from the U.S. Strategic Petroleum Reserve. U.S, markets will be closed on Thursday in observance of Thanksgiving and will end early on Friday.


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