Stocks Are Heading Lower. This Is the Latest Risk Factor.
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CONCLUDEDThe S&P 500 Loses Steam Ahead of Jobs ReportLast Updated: 4 hours agoStocks Are Heading Lower. This Is the Latest Risk Factor.ByJacob SonenshineThe stock market’s performance Monday is lacking—and it’s getting no help from the fact that bond yields are ticking higher.What started out as a day with stocks flickering between slightly up and down, has turned into more of firm down day. All three major indexes are lower, with the technology-heavy Nasdaq Composite falling as much as 0.6%. It’s now down 0.4%.Pushing tech down: a 10-year Treasury yield inching up to 4.19% from an intraday low of below 4.16%. It’s now just above its Friday close. Most yields across the Treasury curve are up on the day, as the U.S. NAHB Housing Market Index met estimates and ticked slightly higher in December from November, speaking to stronger housing demand. The resulting higher long-dated yields pressures tech stocks the most because they’re valued on the basis that a bulk of their cash flows will arrive many years in the future.