The Nasdaq ends lower on the second day as Reuters loses ground to Big Tech

By Ambar Warrick and Noel Randewich

(Reuters) – The second consecutive session of the Nasdaq ended lower on Tuesday, while it rose as Treasury yields encouraged investors to sell Tesla (NASDAQ 🙂 and other Big Tech names and buy lower-rated shares.

The S&P 500 growth rate fell by 0.3% and the value index rose by 0.8%.

Treasury yields extended gains as investors raised expectations of a interest rate hike next year after President Jerome Powell appointed Joe Biden as chair to feed for a second term.

Tesla fell more than 4% and Microsoft (NASDAQ 🙂 lost 0.6%, dragging the two companies to the Nasdaq more than any other stock. Rising interest rates have not been attractive to growth stocks.

“The market is shaking up for a shortened holiday week, and is taking on the latest rise in interest rates, giving investors more reason to make a profit in an overvalued market,” said Sam Stovall, chief investment strategist at CFRA Research in New. York.

With banks benefiting from higher interest rates, the S&P 500 bank index rose 2%, joining Goldman Sachs (NYSE :), JPMorgan (NYSE 🙂 and Bank of America (NYSE :).

The S&P 500 energy index rose 3% and was the best sector. Oil prices rose to a one-week high after the move by the United States and other consumer nations to release tens of millions of barrels of oil from reserves to try to cool the market fell short of expectations.

A survey by IHS Markit showed that U.S. business activity slowed moderately in November amid labor shortages and raw material delays, but remained comfortable consolidating in the manufacturing sector in the expansion sector.

It rose 0.55% to 35,813.8 points, while the S&P 500 gained 0.17% to 4,690.7.

It fell 0.5% to 15,775.14.

After closing at an all-time high on Friday, the Nasdaq has now lost about 1.8%. So far it remains at a 22% increase.

The CBOE volatility index rose briefly to more than a month on Tuesday.

The U.S. stock market will close on Thursday for the Thanksgiving holiday, and will end early Friday.

Zoom Video Communications (NASDAQ 🙂 Inc. fell nearly 15% after slowing its third-quarter revenue growth rate as demand for video conferencing tools eased from pandemic-driven heights last year.

The best purchase Co Inc (NYSE 🙂 fell 12% since the electronics store forecast comparable sales in the fourth quarter due to supply chain problems.

Chipmakers Micron Technology (NASDAQ 🙂 and Western Digital Corp (NASDAQ 🙂 rose 1.85% and 6.3%, respectively, after Mizuho Bank upgraded its shares to “buy” from “neutral”.

The decline was greater than the advance on the NYSE with a ratio of 1.27 to 1; On the Nasdaq, the ratios of 1.39 and 1 favored declines.

The S&P 500 released 17 new highs and 6 new lows in 52 weeks; The Nasdaq Composite recorded 66 new highs and 497 new lows.

The volume of U.S. exchanges was 11.3 billion shares, up from an average of 11.1 billion in the full session over the last 20 trading days.