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Stocks - Wall Street Stumbles at Open as Bond Yields Keep Rising

Bond yields continued to climb as stocks opened lower.
Bond yields continued to climb as stocks opened lower.

Investing.com - Stocks opened in the red Thursday as bond yields continued to climb, denting dividend-paying equities, and tech saw some weakness.

The Dow fell 65.68, or 0.24%, to 26,762.71, while the broader S&P 500 index lost 9.09, or 0.31%, to 2,916.42. The tech-heavy Nasdaq composite was down 65.61, or 0.82%, to 7,959.47.

The selloff in Treasuries persisted, pushing the yield on the 10-year closer to 3.2% as economic data continued to show a strong economy.

Initial jobless claims fell last week, near a 49-year low, in harmony with other recent numbers that showed a tight labor market ahead of the nonfarm payrolls report Friday.

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Higher yields will put pressure on utility and telecom stocks, as their dividends become less attractive.

Meanwhile, tech struggled as heavyweights Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) dipped on a Bloomberg report China had planted malicious chips in their systems. Both companies denied the report.

Snap (NYSE:SNAP) fell nearly 4% after Citi lowered its price target on the stock to $7, while maintaining a sell rating, noting increasing competition, StreetInsider reported.

Elsewhere, Barnes & Noble (NYSE:BKS) stock jumped 26% after the struggling bookstore chain announced it was open to a takeover.

And Constellation Brands (NYSE:STZ) gained 5% after its earnings came in higher than expected.

In Europe, stocks were mixed. Germany’s DAX rose 0.5%, while in France the CAC 40 fell 1% and in London, the FTSE 100 was down 0.8%. Meanwhile the pan-European Euro Stoxx 50 ganed 0.3%.

In commodities, gold futures rose 0.32% to $1,206.80 a troy ounce, while crude oil futures fell 0.68% to $75.89 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was flat at 95.77.

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