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Tech stocks slip again as bond yields ease after Treasury buybacks
Moderna jumped 124.0% after positive phase 3 results for its melanoma vaccine developed with Merck.
Stocks pared early gains and tech shares resumed a sell-off, while the Dow and the S&P 500 held up as falling bond yields helped offset the pressure, according to Yahoo Finance.
The outlet linked the yield decline to the US Treasury Department stepping in to support buybacks of long-dated securities.
In sector action, the tech sector faced renewed selling pressure, with semiconductor names dragged lower, including Intel, AMD, and Broadcom.
Elsewhere, Healthcare led higher, driven by Moderna’s 124.0% surge after positive phase 3 trial results for its melanoma vaccine developed with Merck, while Basic Materials also strengthened as gold futures and gold miner stocks rose.
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