WALL STREET DIPS, BUT BOND YIELDS RISE

US stocks ended down slightly on Tuesday (Wednesday morning in Manila) with investors selling tech-related growth shares after US Treasury yields hit a 14-month high, Caroline Valetkevich reported for Reuters.

At the same time, the S&P 500 financials, industrials and consumer discretionary sectors rose, extending the recent rotation out of growth and into so-called value names. The 10-year US Treasury yield rose to 1.776% in early London trade, its highest since Jan. 22.

But the yield reversed and was lower in late New York trading as traders prepared for quarter-end. The Dow Jones Industrial Average fell 104.41 points, or 0.31%, to 33,066.96, the S&P 500 lost 12.54 points, or 0.32%, to 3,958.55 and the Nasdaq Composite dropped 14.25 points, or 0.11%, to 13,045.39.

Tech shares trimmed losses in afternoon trading with Treasury yields off the day’s high, but the S&P technology sector ended down 1% on the day and was the biggest drag on the S&P 500.

The Nasdaq was on track for its first monthly loss since November following the recent rise in yields.

Tech stocks, which have a low-rate environment heavily baked into their pricey valuations, have been among the hardest hit by the rise in yields.

Wells Fargo & Co shares jumped 2.5% after the lender said it had a prime brokerage relationship with Archegos Capital and that it no longer had any exposure and did not experience any losses.

Advancing issues outnumbered declining ones on the NYSE by a 1.48-to-1 ratio; on Nasdaq, a 1.47-to-1 ratio favored advancers.

The S&P 500 posted 32 new 52-week highs and no new lows; the Nasdaq Composite recorded 49 new highs and 73 new lows. Volume on US exchanges was 10.29 billion shares, compared with the 13.5 billion as the average for the full session over the last 20 trading days.

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