U.S. stocks fall, led by slump in tech companies
CBSN
Technology companies led a broad slide for stocks on Wall Street as investors look ahead to the upcoming company earnings reporting season and what it will reveal about the impact inflation is having on corporate profits.
The S&P 500 fell 1.7%, adding to its recent losses. The Dow Jones Industrial Average fell 1.2% and the tech-heavy Nasdaq slid 2.2%. Both the benchmark S&P 500 and the Nasdaq are coming off their first weekly losses in four weeks.
Bond yields rose. The yield on the 10-year Treasury climbed to 2.78% from 2.71% late Friday. Bonds have been rising amid expectations of higher interest rates as the Federal Reserve moves to squelch inflation.
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