Stocks fall on Wall Street as tech slips and bond yields jump

Shares fell in morning trading on Wall Street on Tuesday as investors monitor the latest developments around Russia’s war on Ukraine and prepare for the next round of corporate bulletins.

The S&P 500 fell 0.6% at 10:22 a.m. Eastern. The Dow Jones Industrial Average fell 80 points, or 0.2%, to 34,841 and the Nasdaq fell 1.5%.

Weakness in big tech stocks weighed on the broader market. Companies in the sector, with their high valuations, tend to push the market up or down with more force. Chipmaker Qualcomm fell 3.3%.

Health care and consumer goods companies made solid gains. Insurer UnitedHealth Group rose 1.9% and Procter & Gamble 1.5%.


Twitter rose another 4.9% after disclosing a deal with Tesla chief Elon Musk that will give him a seat on the board but also limit how much of the company he can buy while he is an administrator. The company had revealed a day earlier that the mercurial billionaire and Twitter critic had become the company’s largest shareholder.

Bond yields rose significantly. The 10-year Treasury yield rose to 2.50% from 2.41% on Monday night.

Russia’s war in Ukraine remains a key target for Wall Street as the potential for tougher economic sanctions grows. The executive branch of the European Union has proposed a ban on coal imports from Russia in what would be the first sanctions aimed at the country’s lucrative energy industry over its war in Ukraine.

The Treasury Department will not authorize any payments of Russian government debt from accounts at US financial institutions in US dollars, curtailing one of the strategies employed by President Vladimir Putin to avoid defaults.

The tougher sanctions follow mounting evidence that Russian soldiers deliberately killed civilians during the conflict.

Investors are facing a rather calm week of economic and corporate news. Wall Street is gearing up for the next round of corporate earnings in the weeks ahead. The results could give a clearer picture of how companies are handling the impact of rising inflation.

Wall Street is also closely watching how central banks react to the persistent rise in inflation. The Federal Reserve has already started to raise its benchmark interest rates to mitigate the impact of inflation and further hikes are expected throughout the year.

Investors will review the minutes of the Fed’s March interest rate meeting when it is released on Wednesday to try to get more details on the central bank‘s policy shift to fight inflation. .

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