fell 3%, with Apple and Amazon seeing slightly larger losses. The Dow and S&P 500 slipped 0.5% and 1.5%, respectively., with the benchmark 10-year Treasury yield breaking above 1.7%, its highest level since January of last year. Yields move inverse of prices. Rising bond yields, which can signal confidence about the economic recovery and fears about inflation, make high growth stocks look less attractive to investors.
The underperformance of tech and other growth stocks on Thursday resembles a trend seen in recent months as value stocks have surged. However, growth stocks have had a few strong days over the past two weeks and this is muddying the waters, said Michael Mullaney, director of global markets research at Boston Partners.
"If you look at the price pattern on a day-to-day basis for the last now seven days, we've got a ping-pong match going on. One day it's been growth, one day it's been value," said Mullaney. "I'm not sure if that's indicating we're at some kind of inflection point where growth might get a bounce here.". The slow rollout of vaccines and rise in Covid cases in Europe have weighed on the near-term demand outlook for oil.
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