US STOCKS-Nasdaq slumps as bond yield surge hurts tech valuations ...Middle East

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US STOCKS-Nasdaq slumps as bond yield surge hurts tech valuations
source : Devdiscourse ( Middle East ) () 47
The S&P 500 receded from a record high on Thursday while the Nasdaq shed more than 1% as a spike in U.S. bond yields accelerated a move out of growth stocks and into companies viewed as likely to outperform as the economy recovers. The Russell 1000 value index, which is heavily comprised of cyclical stocks such as financials and energy, added about 0.2% while the Russell 1000 growth index, which includes technology stocks, dropped about 1.4%.

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