US equities closed mixed on Tue, though the tech sell-off deepened as rising
bond yields dampened the outlook for growth stocks. The tech-heavy Nasdaq
100 retreated 0.45%, while the Dow Jones Industrial Average gained 194.55 pt,
0.55% higher, to close at 35,813.80. The broader S&P 500 index rose 0.17%.
The CBOE volatility index closed up 19.38 to more than a one-month high.
Markets could see high volatility with the Thanksgiving holiday expected to keep
volumes low this week. US markets will be closed this Thur on Thanksgiving
Day and will close early at 1pm ET on Fri.
The yield on the 10-year Treasury note notched up 4.15 basis points (bps) to
1.6651%. Treasury yields extended gains made on Mon as investors ramped up
expectations of interest rate hikes next year after President Biden’s
re-nomination of Jerome Powell as Fed Chair.
Major US bank stocks rose in tandem with higher yields. Shares of JPMorgan
(JPM US, +2.39%), Bank of America (BAC US, +2.64%) and Wells Fargo (WFC
US, +2.11%) extended gains on Tue.