Stocks didn't exactly rebound from Wednesday's selloff as investors considered the outlook for rising interest rates and inflation. The Dow fell 170 points to 36,236, the S&P 500 fell 4 points to 4,696, and the tech-dominated Nasdaq fell 19 points to 15,080. In afternoon trading, banks made some of the biggest gains as bond yields continued to rise a day after the Federal Reserve indicated it was ready to raise interest rates to fight off inflation, per the AP. Higher bond yields allow banks to charge more lucrative interest on loans. Several tech stocks, including Tesla and Netflix, continued to dip, notes CNBC.
“Investors are trying to wrap their heads around what different leadership looks like: we’ve all been conditioned that tech is the winner all day every day and that is just not going to be the case this year,” Liz Young of SoFi tells the outlet. “Finishing out 2021, there were still a lot of investors who were overweight tech. This is a chance to really make sure that your portfolio is set up to not be overly exposed to headwinds." Stocks have been choppy this week as traders reacted to the big rise in bond yields, and the major indexes are now on pace to post weekly losses.
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