March 31, 2021

Jitters grip tech stocks as bond yields spike

[] Jitters grip tech stocks as bond yields take off | Fortune© 2020 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our u003ca href="https://fortune.com/terms-of-use/">Terms of Useu003c/a> and u003ca href="https://fortune.com/privacy-policy/">Privacy Policyu003c/a> | u003ca href="/california-privacy-policy/#notice">CA Notice at Collection and Privacy Noticeu003c/a> | u003ca href="https://fortune.com/right-to-opt-out/">Do Not Sell My Personal Informationu003c/a> | u003ca href="http://preferences-mgr.trustarc.com/?pid=fortunemedia01&aid=fortunemedia01_pub&type=fortunemedia">Ad Choices u003c/a>u003cbr />nFORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.u003cbr />nQuotes delayed at least 15 minutes. 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","type":"post"},"children":[{"name":"byline","config":{"link":"https://fortune.com/author/shawn-tully/","name":"Shawn Tully"},"children":[]},{"name":"image","config":{"aspectRatio":0.6666666666666666,"attachmentId":2958290,"alt":"Rising Interest Rates-Graph Concept","caption":"Rising interest rates could be a killer for stocks.","crops":[],"height":1920,"imageSize":"article-sidebar","lazyload":true,"lqipSrc":"https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg?quality=60&resize=60,40","postId":2958044,"retina":true,"showCaption":false,"sources":[{"default":true,"transforms":{"resize":[130,86]},"descriptor":100}],"sourceTags":[],"src":"https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg","srcset":"https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg?resize=260,172 200w,https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg?resize=130,86 100w","url":"https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg","useBasicImg":false,"usingDataFallback":false,"width":2880,"fallbackImageUrl":"data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7","picture":false,"sizes":"100px"},"children":[]},{"name":"byline","config":{"link":"https://fortune.com/author/shawn-tully/","name":"Shawn Tully"},"children":[]}]}]},{"name":"advertising-slot","config":{"align":"center","lazyload":true,"useDynamicChannel":false,"placementName":"RightRailFlex_Articles","slotId":"RightRailFlex_Articles1","themeName":"article","targeting":{"placement_name":"RightRailFlex_Articles","index":2}},"children":[]},{"name":"dianomi","config":{"type":"sidebar"},"children":[]},{"name":"advertising-slot","config":{"align":"center","lazyload":true,"useDynamicChannel":false,"placementName":"RightRailFlex_Articles","slotId":"RightRailFlex_Articles2","themeName":"article","targeting":{"placement_name":"RightRailFlex_Articles","index":3}},"children":[]}]},{"name":"article-media","config":{"publishDate":"","type":"video","section":"Newsletters"},"children":[{"name":"brightcove-video","config":{"accountId":"2111767321001","disableAds":false,"disableAutoplay":false,"disableContinuousPlay":false,"disableViewplay":false,"isLeadVideo":false,"loop":false,"playerId":"HDNR3TkSj","stickyPlayerOff":false,"silentlyAutoplay":true,"videoId":"6241375275001","section":"Newsletters"},"children":[]}]},{"name":"article-body","config":{"mediaType":"video","premiumCategory":"P-Newsletter"},"children":[{"name":"gutenberg-content","config":{},"children":[{"name":"html","config":{"content":" u003cp>u003cem>This is the web version of the Bull Sheet, Fortune's no-BS daily newsletter on the markets. u003c/em>u003ca href="http://bullsheet.fortune.com/">u003cem>Sign up to receive it in your inbox hereu003c/em>u003c/a>u003cem>.u003c/em>u003c/p> u003cp>Good morning. u003c/p>u003cp>u003c!-- piano selector -->u003c/p>u003cdiv class="paywall"> u003cp>Brace yourself. Treasury yields are on the rise this morning despite Fed Chairman Jerome Powell's u003ca href="https://www.wsj.com/articles/feds-biggest-challenge-could-be-an-economy-beating-its-expectations-11616014092">dovish positionu003c/a> on inflation and interest rates. Clearly, the markets aren't buying his argument—at least this morning they aren't.u003c/p> u003cp>The steep upward trajectory of the 10-year Treasury—the note is carrying a u003cstrong>1.74%u003c/strong> handle as I write—is pushing down U.S. futures, particularly Big Tech. There could be fireworks at the open, at least for the Nasdaq.u003c/p> u003cp>Let's see how the rest of the markets are faring.u003c/p> u003ch2>Markets updateu003c/h2> u003ch4>Asiau003c/h4> u003cul>u003cli>The major u003cstrong>Asia indexesu003c/strong> are solidly higher in afternoon trading, with the u003cstrong>Hang Seng u003c/strong>up u003cstrong>1.3%u003c/strong>. u003c/li>u003cli>The u003cstrong>taper tantrumu003c/strong> of 2013 was bad news for emerging markets, including those in Asia. But don't expect a repeat of that sell-off should u003cstrong>Treasury yieldsu003c/strong> continue to climb, u003ca href="https://www.cnbc.com/2021/03/18/asias-emerging-economies-can-withstand-rising-us-yields-says-sp.html">S&P Global tells CNBCu003c/a>.u003c/li>u003cli>Investors have little concern over u003cstrong>AstraZeneca's COVID-19 vaccineu003c/strong>, apparently. Its Korean partner in making the vaccine, u003cstrong>SK Bioscienceu003c/strong>, listed on Thursday and saw shares u003ca href="https://fortune.com/2021/03/17/sk-bioscience-ipo-stock-astrazeneca-vaccine-covid-manufacturer/">pop by 160%u003c/a>.u003c/li>u003c/ul> u003ch4>Europeu003c/h4> u003cul>u003cli>The u003cstrong>European boursesu003c/strong> were mixed this morning with the u003cstrong>Stoxx Europe 600u003c/strong> up nearly u003cstrong>0.3%u003c/strong> at the open. u003c/li>u003cli>The u003cstrong>Russian rubleu003c/strong> fell sharply on Wednesday after President Joe Biden vowed his opposite number in Moscow, u003cstrong>Vladimir Putinu003c/strong>, "will pay a price" for meddling in the November election, as U.S. intelligence reports conclude. Biden essentially called Putin a killer u003ca href="https://www.cnbc.com/2021/03/17/biden-says-putin-is-a-killer-will-pay-for-trying-to-help-trump-win-election.html">in an ABC News interviewu003c/a>.u003c/li>u003cli>u003cstrong>European auto stocksu003c/strong> were broadly higher on Wednesday despite data showing the u003ca href="https://www.bloomberg.com/news/articles/2021-03-17/europe-car-sales-slump-drags-on-with-worst-february-since-2013?sref=WtHiUFSX">worst decline in car salesu003c/a> in nearly eight years. The enthusiasm comes down to a single buzzy acronym: EVs. u003c/li>u003c/ul> u003ch4>U.S.u003c/h4> u003cul>u003cli>u003cstrong>U.S. futures u003c/strong>are slipping as yields rise. That's after a late-day, Fed-fueled rally lifted all three exchanges on Wednesday, pushing the DJIA above u003cstrong>33,000u003c/strong> for the first-time ever.u003c/li>u003cli>Procrastinators, rejoice! The u003cstrong>IRSu003c/strong> u003ca href="https://fortune.com/2021/03/17/tax-deadline-2021-delayed-irs-may-latest-update-filing-2020-taxes/">will push backu003c/a> the tax deadline to u003cstrong>May 17u003c/strong>, which means I will be back on my bicycle this weekend, and not sifting through receipts.u003c/li>u003cli>u003cstrong>SPACsu003c/strong> set a new annual record earlier this week—and it's only March! As of Tuesday, the blank-check listings u003ca href="https://fortune.com/2021/03/17/spacs-just-broke-the-annual-record-for-new-issuance-in-march/">had already toppedu003c/a> u003cstrong>$83.7 billionu003c/strong> for the year, surpassing last year's record haul. Bull Sheet needs a SPAC. You know how to reach me.u003c/li>u003c/ul> u003ch4>Elsewhereu003c/h4> u003cul>u003cli>u003cstrong>Goldu003c/strong> is up, trading around u003cstrong>$1,735/ounceu003c/strong>. u003c/li>u003cli>The u003cstrong>dollaru003c/strong> is up. u003c/li>u003cli>u003cstrong>Crude u003c/strong>is edging lower with u003cstrong>Brent u003c/strong>trading below u003cstrong>$68/barrelu003c/strong>.u003c/li>u003cli>u003cstrong>Bitcoinu003c/strong> bulls liked what they heard from the Fed yesterday. The cryptocurrency has risen above u003cstrong>$58,000u003c/strong> overnight. u003c/li>u003c/ul> u003cp class="has-text-align-center">***u003c/p> u003ch2>Buzzworthyu003c/h2> u003ch4>Fed up, up, upu003c/h4> u003cfigure class="wp-block-image size-large">u003cimg data-src="https://content.fortune.com/wp-content/uploads/2021/03/Screen-Shot-2021-03-18-at-9.03.27-AM.png?w=810" loading="lazy" alt="" class="lazyload wp-image-2967679"/>u003c/figure> u003ch4>Buy-backs are back!u003c/h4> u003cfigure class="wp-block-image size-large">u003cimg data-src="https://content.fortune.com/wp-content/uploads/2021/03/Screen-Shot-2021-03-17-at-2.26.39-PM.png?w=1024" alt="" class="lazyload wp-image-2967680"/>u003c/figure> u003cp>Corporates were big net buyers last week. They spent $3.7 billion on their own stocks, "the second highest [volume] on record," BofA Securities detailed in a recent investor note.u003c/p> u003ch4>Pandemic, shm-andemicu003c/h4> u003cfigure class="wp-block-image size-large">u003cimg data-src="https://content.fortune.com/wp-content/uploads/2021/03/Screen-Shot-2021-03-17-at-2.45.32-PM.png?w=1024" alt="" class="lazyload wp-image-2967681"/>u003c/figure> u003ch4>Bread recipes, move overu003c/h4> u003cfigure class="wp-block-image size-large">u003cimg data-src="https://content.fortune.com/wp-content/uploads/2021/03/Screen-Shot-2021-03-18-at-8.59.52-AM.png?w=810" loading="lazy" alt="" class="lazyload wp-image-2967678"/>u003c/figure> u003cp>***u003c/p> u003cp>Have a nice day, everyone. I'll see you here tomorrow... Until then, there's more news below.u003c/p> u003cp>u003cstrong>Bernhard Warneru003c/strong>u003cbr>u003ca href="https://twitter.com/BernhardWarner">@BernhardWarneru003c/a>u003cbr>u003ca href="mailto:Bernhard.Warner@Fortune.com">Bernhard.Warner@Fortune.comu003c/a>u003c/p> u003cp>u003cem>As always, you can write to u003c/em>u003ca href="mailto:bullsheet@fortune.com">u003cem>bullsheet@fortune.comu003c/em>u003c/a>u003cem> or reply to this email with suggestions and feedback.u003c/em>u003c/p> u003ch3>Today’s readu003c/h3>nu003cp>u003cstrong>u003cspan style="font-size: 1.125rem;letter-spacing: 0.035rem">Stimulus effect.u003c/span>u003c/strong>u003cspan style="font-size: 1.125rem;letter-spacing: 0.035rem"> Über-bull Dan Ives at Wedbush Securities sees big upside for tech stocks, u003cstrong>Bitcoinu003c/strong> and “other sectors” now that stimulus checks are in the mail, and direct payments have hit bank accounts. He’s put a u003cstrong>16,000u003c/strong> year-end handle on the u003cstrong>Nasdaqu003c/strong>, u003ca href="https://fortune.com/2021/03/17/stimulus-check-bitcoin-price-predictions-3rd-round-irs-stimulus-checks-direct-deposit-payments-update/">helped by stimmiesu003c/a>. u003c/span>u003c/p>nu003cp>u003cstrong>The bond king goes stonks crazy.u003c/strong> Legendary investor u003cstrong>Bill Grossu003c/strong>, once known as the “bond king,” made a cool u003cstrong>$10 millionu003c/strong> on call options, trading GameStop at the height of its frenzy. u003ca href="https://fortune.com/2021/03/17/bill-gross-inflation-gamestop-treasurys/">He was also downu003c/a> about as much earlier in the trade.u003c/p>nu003cp>u003cem>Some of these stories require a subscription to access. There is a discount offer for our loyal readers if you u003ca href="https://fortune.com/subscribe/">use this linku003c/a> to sign up. Thank you for supporting our journalismu003c/em>.u003c/p>nu003ch3>Market candyu003c/h3>nu003cp>u003cstrong>Quote of the day.u003c/strong>u003c/p>nu003cblockquote>nu003cp>Short selling… may have already hit rock-bottom.u003c/p>nu003c/blockquote>nu003cp>That’s the assessment of S&P Global Market Intelligence, u003ca href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/short-interest-in-us-stock-markets-may-have-reached-bottom-63203669">which findsu003c/a> that the collective u003cstrong>short interest positionsu003c/strong> in the S&P 500 sat at u003cstrong>2.28%u003c/strong> at the end of February. That’s remarkably bullish by historic standards. There had been a buildup in shorts to close out 2020, but u003ca href="https://fortune.com/2021/01/28/gamestop-squeeze-global-markets-slump-bitcoin/">the GameStop frenzyu003c/a> all but popped that position.u003c/p>nu003c/div>n"},"children":[]}]}]},{"name":"dianomi","config":{"type":"footer"},"children":[]}]}]}]}},"componentData":{},"error":null,"loading":false,"player":{"currentTime":0,"duration":0,"loading":false,"playing":false,"seek":0,"src":"","visible":false,"volume":0.5},"route":{"status":200,"redirectTo":"","redirectStatus":0,"action":"PUSH","pathname":"/2021/03/18/jitters-grip-tech-stocks-as-bond-yields-spike/","search":"?","hash":""},"visible":{"search":false,"primaryNav":false,"freestar":false,"adminBar":false},"contactForm":{"submitting":false,"submitted":false,"failed":false,"validation":{},"redirect":""},"user":{"isLoggedIn":false,"accessLevel":null}}; ]]> response.json()) .then(function (data) { signPackage = data; wx.config(data); wx.ready(function () { wx.updateTimelineShareData({ title: title, link: url, imgUrl: img, success: function () {}, cancel: function () {} }); wx.updateAppMessageShareData({ title: title, desc: desc, link: url, imgUrl: img, success: function () {}, cancel: function () {} }); wx.error(function (res) { //location.href = g_url; }); }); }) } }; script.src = "https://res.wx.qq.com/open/js/jweixin-1.6.0.js"; document.head.appendChild(script); } ]]> You need to enable JavaScript to view this site.
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