S and P 500 Falls for Third Straight Session as Treasury Yields Surge and Tech Stocks Face Profit Taking Pressure
About this episode
The episode discusses the decline of the S and P 500 index amid rising Treasury yields and profit-taking in tech stocks.
According to The Street, the Standard and Poor five hundred index fell for a third straight session on Tuesday, closing down about zero point six seven percent, or roughly fifty points, near seven thousand three hundred fifty three United States dollars, as a renewed surge in United States Treasury yields weighed on equities and pressured the recent tech led advance. The Dow Jones industrial average finished mixed to slightly positive Monday, while the Nasdaq composite closed lower, reflecting ongoing rotation out of growth names. Equity Clock notes that the Standard and Poor five hundred slipped below the lower edge of its short term rising trend channel, with horizontal support being tested around seven thousand three hundred forty, and technicians there warn that a clear break could invite a pullback toward roughly seven thousand one hundred fifty United States dollars, the upper end of the late April consolidation zone. Equity Clock also highlights that a daily moving average convergence divergence sell signal has been triggered, and that defensive leadership is emerging in line with normal late May seasonality, with breadth narrowing as fewer stocks participate in the rally…
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