Technology stocks lead indexes lower as yields resume climb
AP
American flags hang outside of the New York Stock Exchange.
Technology companies led stocks lower on Wall Street as another rise in bond yields rattled investors.
The S&P 500 fell 1.3% Wednesday, and the tech-heavy Nasdaq dropped 2.7%.
Higher bond yields can signal that inflation could be on the way as the economy picks up. They can also make stocks that have made huge gains, like many of the Big Tech companies, look expensive.
The yield on the benchmark 10-year Treasury rose to 1.46% from 1.41%. Banks benefited from the increase in bond yields, which allows them to charge higher rates on mortgages and many other kinds of loans.
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