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Apple and Microsoft dominate losses list as Dow drops over 100 points from a record high.

Apple and Microsoft dominate losses list as Dow drops over 100 points from a record high.

Apple and Microsoft dominate losses list

US Treasury yield once again touched its highest level for the first time since January 2020. This comes as the United States stocks fell Tuesday with major technology shares coming once again under intense pressure.

The Dow Jones Industrial Average slipped 104.41 points which translates to 0.3 %, with the new figure standing at 33,066.96 after it had closed at a record high. Both Apple and Microsoft recorded a high loss which placed them among the biggest losers in the 30-stock Dow, with each of them recording more than 1%.

The S&P 500 slid to 3,958.55, a 0.3% as a result of losses resulting from consumer staples and technology. The Nasdaq Composite whose tech-heavy benchmark at one point went down to over 1% ended the season at 13,045.39, which translates to a 0.1% slip.

The 10-year Treasury yield hit its highest level in 14 months as it climbed 6 basis points earlier Tuesday, topping 1.77%. The global investment strategist at U.S. Bank Wealth Management Mr. Tom Hainlin said that the recent rising rates witnessed was driven by people being optimistic in regards to the economy, rather than fears related to inflation. He however admitted that both optimism to the economy and fear of inflation can have an impact on rising the rates as witnessed.

On a positive note,

ViacomCBS and Discovery who registered heavy losses last week bounced back with Discovery rising by more than 5%, while ViacomCBS jumped by 3.6%.

Wells Fargo, whom the bank reported that it made no loss regarding exposure to Archegos advanced more than 2%. Goldman Sachs rose by 1.9%. JPMorgan and Bank of America also climbed by more than 1% each.

Despite all the volatility experienced, the Dow and S&P 500 are stably high for a month after gaining 6.9% and 3.9% in that order.

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