'There are a lot of market participants that really key off of what the Treasury yields are doing, and when they're not open it's hard to have that volume in the market,' said Art Hogan, chief market strategist at B. Trading volume was also lower than usual on Monday due to the Columbus Day Holiday. The price of 10-year Treasury futures were lower by about 0.6%. While the bond market was closed, futures on the 10-year Treasury note were lower in Monday trading indicating yields will continue their march higher on Tuesday. Tech shares have also been hit the hardest in this sell-off as rising rates expose their relatively high valuations and raise their cost of capital.

companies selling advanced computing semiconductors and related manufacturing equipment to China. would likely fall into a recession in 2023, and that it may not be just a mild economic contraction as some economists have projected.Ī policy change weighed on semiconductor stocks after the Biden administration announced new export controls that limit U.S. The declines came as JPMorgan CEO Jamie Dimon warned that the U.S.

The S&P 500 also fell 0.75% to 3,612.39, dragged down by semi stocks and dips in major tech names like Microsoft, while the Dow Jones Industrial Average shed 93.91 points, or 0.32%, to close at 29,202.88.

The Nasdaq Composite closed 1.04% lower at 10,542.10, hitting its lowest close since July 2020, weighed down by a slump in semiconductor stocks such as Nvidia and AMD. Stocks closed lower on Monday with the Nasdaq Composite index falling to the lowest level in two years as tech shares continue to be the hardest hit in this bear market because of spiking interest rates.

Nvda earning 2022