Blood inside me NASDAQ i cant stay at home T Shirt

Blood inside me NASDAQ i cant stay at home T Shirt 

Market-leading tech and tech-adjacent megacap stocks, which account for much of the Nasdaq’s total market value, thrived during the pandemic recession. But many of those shares are now seen by some investors as overvalued.

More cyclical stocks, which were battered by shutdowns and stand to benefit most from economic recovery, have since gained favor as vaccine deployment gathers steam and restrictions are lifted.

                                 Blood inside me NASDAQ i cant stay at home T Shirt

In the S&P 500, the financial sector was the biggest boost, hitting a record as higher market interest rates and a steeper yield curve helped banks. Industrials were right behind, also reaching a record high, while the materials sector neared an all-time peak. The technology sector was deepest in the red.

As bonds yields have moved higher, concerns about equity valuations for growth-oriented stocks and tech stocks specifically have weighed on the Nasdaq relentlessly the last three weeks, said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

Financials, along with restaurant and travel-related stocks that will do well as the economy reopens, have been leading the charge higher, James said.

“People have been reallocating assets into those sectors. It’s been coming out of growth-tech to fund that those purchases,” he said.

A slide in the big tech stocks that have driven the rally in equities since pandemic-induced lows of last March continued, with Apple Inc, Nvidia Corp, Tesla Inc and Alphabet Inc’s Google leading declining shares on Nasdaq.

Tech stocks are particularly sensitive to rising yields because their value rests heavily on earnings in the future, which are discounted more deeply when bond returns go up.

The divergence between the tech stocks and non-tech stocks explains trading today, said Joe Saluzzi, partner and co-founder of Themis Trading in Chatham, New Jersey.

“The stimulus package will be certainly helping the bigger cap names,” Saluzzi said, referring to non-tech stocks. “The get-out and non-stay at home stocks are doing better now,” he said.

Banks added about 2 percent as the yield on the benchmark 10-year note stood near a 13-month high, while airlines jumped about 5 percent.