(Reuters) – The New York Stock Exchange opened in the red on Friday as technology and growth stocks suffered from rising bond yields.
The fall of the ride-hailing service group Lyft, after its quarterly profit forecast below expectations, also weighs on the start of the session.
In early trading, the Dow Jones index lost 28.34 points, or 0.08% to 33,671.54 points and the broader Standard & Poor’s 500 fell 0.31% to 4,068.92 points.
The Nasdaq Composite lost 0.64%, or 74.98 points, to 11,714.60 points.
Wall Street’s major stock indexes are heading for a weekly decline after a volatile week where investors struggled to interpret statements from several central bankers, including Federal Reserve Chairman Jerome Powell, and had to digest a salvo of financial releases. of companies.
In this context, the publication of consumer prices for January in the United States on Tuesday will be closely watched.
The unsuccessful auction of US Treasury bonds on Thursday in the early afternoon also led to a rise in bond yields, which weighed on the equity market.
The ten-year Treasuries rate gained two basis points on Friday, to 3.701%.
“If you’re getting 4% in risk-free Treasuries, why risk money in the stock market?” said Adam Sarhan, managing director of 50 Park Investments. “It definitely impacts NASDAQ 100-like stocks because they’re very interest rate sensitive,” he said.
Another troubled stock, Lyft tumbled 35.1% after cutting prices and warning of current-quarter profit well below expectations, sparking concerns it was falling behind arch-rival Uber, which is losing in the stride 2.3%.
Travel booking group Expedia for its part dropped 6.5% after its quarterly profit fell short of expectations.
(Written by Diana Mandiá, edited by Blandine Hénault)
Copyright © 2023 Thomson Reuters