Tech Stocks Ease As Treasury Yields Rise, Commodity Rally Fuels Sector Rotation: What’s Driving Markets Wednesday?
A session marked by sector rotation is unfolding on Wednesday, with the tech sector giving back some of Tuesday’s gains, making way for the advance of energy and materials sectors following a surge in commodities prices.
The S&P 500 remained flat at 1 p.m. in New York, while the tech-heavy Nasdaq 100 declined by 0.5%. In contrast, blue-chip and small-cap stocks saw increases of 0.5% and 0.6%, respectively.
Treasury yields saw a slight uptick, causing the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) to decline for the fifth consecutive session.
Commodities emerged as the strongest performers in the market. Copper surged by over 3%, reaching highs last observed in April 2023 as China announced plans to reduce output. Silver rose by 3.6% to $25/oz, the highest level since early December 2023, driven by …
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