US Markets
Yields climb again as stocks close out the quarter unevenly
Tech hangs on while rate pressure keeps the rest of the market under strain.
U.S. stocks finish mixed on the final session of the quarter. The S&P 500 falls 0.3% to 7651.54, the Dow loses 0.9% to 50906.0508, and the Russell 2000 drops 0.4% to 2796.8645. The Nasdaq Comp. inches up 0.2% to 26861.0645.
Tech is the only sector in positive territory, rising 0.6%. Outside of that, the red ink is broad, with Staples down 1.5%, Health down 1.3%, Industrials down 1.3%, and Financials down 1.1%. Energy is the most resilient laggard, down just 0.1%.
The rate backdrop stays front and center. The 5-year Treasury yield rises to 5.089%, the 10-year to 5.293%, and the 30-year to 5.638%. The VIX also climbs to 16.34, up 1.9% on the day, after headlines flagged the jump in U.S. bond yields and the strain it is putting on risk assets.
Options activity shows traders leaning slightly cautious. SPY put-call ratio sits at 0.97, while QQQ's is 1.07. On the watchlist, Intel gains 3.7%, Salesforce adds 1.9%, Apple rises 1.1%, Amazon climbs 1.0%, and Alphabet advances 0.9%.