(Reuters) – The Nasdaq ended lower on Friday and posted its first weekly decline of the year as technology and growth stocks were battered by a rise in bond yields to their highest level in more than a month.
To this was added the plunge in the action of the VTC Lyft group, which lowered its prices and unveiled a quarterly profit forecast below expectations.
The other two major Wall Street indices, the Dow Jones and S&P 500, also end the week on a negative note after a series dominated by comments from central bankers at the Federal Reserve in favor of further monetary tightening. .
The Dow Jones closed the session up 169.52 points (+0.5%) at 33,869.4, the S&P 500 gained 0.22% to 4,090.48 points and the Nasdaq Composite dropped 71.46 points, or 0.61%, to 11,718.12.
Over the past week, the Nasdaq lost 2.4%, the S&P 1.1% and the Dow Jones 0.17%.
Yields on 10-year Treasury bills rose on the day to a more than a month high the day after a 30-year coupon auction saw little demand.
“Investors are wondering what the bond market is telling us that economic indicators are not telling us,” said Sam Stovall of CFRA Research. “Higher returns are going to affect growth technology companies more strongly.”
Lyft fell 36.44% after lowering fares and warning of current-quarter profit well below expectations.
(Jean-Stephane Brosse)
©2023 Thomson Reuters, all rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. “Reuters” and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.