Tech sell-off resumes, counterbalancing bond yield relief: AlphaCheck

Good morning. Stocks regained strength at the opening bell, but tech equities continued their decline from the previous day. Nasdaq Composite (^IXIC) experienced early losses, while Dow Jones Industrial Average (^DJI) and S&P 500 (^GSPC) indices rose, buoyed by falling bond yields following the U.S. Treasury’s intervention to support buybacks of long-dated securities.

The tech sector (XLK) faced fresh selling pressure, with semiconductor stocks falling sharply. Intel (INTC), AMD (AMD), and Broadcom (AVGO) were among the key decliners. Conversely, Healthcare (XLV) exhibited remarkable strength, with Moderna (MRNA) surging 124% after positive Phase 3 trial results for its melanoma vaccine in collaboration with Merck (MRK).

Basic Materials (XLB) also led the morning session, as gold futures (GC=F) and gold mining stocks surged following the rise in gold prices. Notable stocks being closely watched by Yahoo Finance readers this morning included Micron (MU), Sandisk (SNDK), Marvell (MRVL), SK Hynix (SKHY), Broadcom (AVGO), Merck (MRK), and Alphabet (GOOG, GOOGL). For the latest stock market news and analysis, visit Yahoo Finance.