NASDAQ FALLS AS RATE WORRIES TAKE CENTER STAGE
The Nasdaq lagged major U.S. stock indexes on Thursday as megacaps came under pressure with Treasury yields resuming their upward charge, while investors assessed fresh economic data and awaited Federal Reserve chief Jerome Powell's remarks. As the 10-year Treasury yields regained steam, megacap growth stocks including Apple (AAPL.O), Microsoft (MSFT.O), Amazon.com (AMZN.O) and Alphabet (GOOGL.O) shed between 0.4% and 2.2%.
Technology (.SPLRCT) led declines amongst major S&P 500 sectors, down 0.7%, while healthcare (.SPXHC) added 0.5%. At 9:41 a.m. ET, the Dow Jones Industrial Average (.DJI) was down 5.50 points, or 0.02%, at 33,544.77, the S&P 500 (.SPX) was down 5.18 points, or 0.12%, at 4,269.33, and the Nasdaq Composite (.IXIC) was down 54.28 points, or 0.41%, at 13,038.57. Meanwhile, data showed the U.S. economy maintained a fairly strong pace of growth in the second quarter, the government confirmed on Thursday. It also appeared to have gathered momentum this quarter amid a resilient labor market.
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