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U.S. Stocks Close Mixed With Tech Stock Under Pressure



U.S. stocks close mixed with tech stock under pressure

NEW YORK, Nov. 24 (UrduPoint / Pakistan Point News – 24th Nov, 2021 ) –:U.S. stocks ended mixed on Tuesday amid further gains of U.S. benchmark Treasury bonds’ yields.

The yield of 10-year Treasury bonds picked up 3.8 basis points on Tuesday and closed at 1.669 percent, which continues to weigh on tech stocks.

“We have seen a little pressure on tech stocks as long-term government bond yields have rallied for the second day now. That’s weighing on valuations,” said a report by CNBC quoting Angelo Kourkafas, investment strategist at Edward Jones.

Meanwhile, the flash U.S. PMI composite output index for November stood at 56.5 in contrast with 57.6 in October and market expectation of 57.8, according to a release by IHS Markit on Tuesday morning.



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