NEW YORK (Reuters) – The New York Stock Exchange ended in mixed order on Friday, with the Dow Jones up slightly but the Nasdaq still penalized by technology stocks amid a continued rise in bond yields.
The Dow Jones Industrial Average gained 0.4%, or 137.55 points, to 34,721.12 points.
The broader S&P-500 fell 11.7 points, or 0.26%, to 4,488.51 points.
The Nasdaq Composite lost 186.3 points (-1.34%) to 13,711.00 points.
Over the week, the S&P fell by 1.26%, the Dow by 0.27 and the Nasdaq by 3.86%.
Worries about the war in Ukraine, inflation and the Federal Reserve’s rate hike continue to prompt investors to be cautious.
In their weekly note, Bank of America strategists warned that deteriorating macroeconomic conditions could tip the US economy into recession amid monetary tightening by the Federal Reserve.
Minutes of the institution’s March meeting, released on Wednesday, show that the central bank could start shrinking its balance sheet as early as next month and that it plans to do so at twice the pace of the previous phase of “quantitative tightening”.
The continued rise in bond yields weighed on the technology sector, which is particularly sensitive to changes in interest rates.
Microsoft, Tesla and Nvidia fell 1.46% to 4.49%.
Conversely, the rise in yields favors large banks such as JPMorgan Chase & Co (+1.83%), Wells Fargo (+2.09%) or Citi (+1.71%), which will publish their results for first trimester next week.
(Herbert Lash, French version Tangi Salaün)
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