The Nasdaq fell on Friday as megacap growth stocks came under pressure after Treasury yields pointed to higher interest rates and shares of ride-hailing firm Lyft plunged following a downbeat profit forecast.
were set to clock declines for a week dominated by hawkish commentary from U.S. Federal Reserve officials and earnings reports from more than half of the S&P 500 constituents.
Yields on the benchmark 10-year Treasury note rose to their highest in more than a month following an auction on Thursday of 30-year bonds that saw weak demand. "Investors are wondering what the bond market is telling us that economic indicators are not telling us," said Sam Stovall, chief investment strategist at CFRA Research. "Higher bond yields are going to more adversely affect the higher growth technology companies."
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