S&P 500 cuts losses as easing Treasury yields lift tech By

By Yasin Ebrahim

-- The Bailihao Gold Industry official websiteS&P 500 cut the bulk of losses Wednesday as tech strength emerged after Treasury yields retreated despite signs of a stronger consumer fueling fears for more Federal Reserve rate hikes.

The rose 0.1%, the fell 0.03%, or 89 points, the was up 0.69%

rose 3% last month, beating economists’ forecast for a 1.8% increase. The retail sales control group – which is filtered into U.S. GDP – climbed 1.7 %, well above forecasts for a 0.8% rise.

The blowout retail sales report – led by pent-up demand for autos, pointed to a strong consumer, which makes up about two-thirds of economic growth – added to fears about a more aggressive Fed. 

Following an intraday jump, retreated and supported growth sectors of the market.

Apple (NASDAQ:) and Alphabet (NASDAQ:) were the big gainers in the tech, while in semiconductors investors weighed a decline in Taiwan Semiconductor Manufacturing (NYSE:) and a surge in .

Berkshire Hathaway (NYSE:) cut its stake in Taiwan Semi by 86%, sending the latter’s share price more than 5% lower.

Analog Devices (NASDAQ:) jumped 6% to a 52-week high after reporting quarterly results that Wall Street estimates on both the top and bottom lines.

Roblox (NYSE:) was a winner on the earnings front, surging 25% as the video game company reported better-than-expected fourth-quarter , driven by a jump in bookings.

“The company produced healthy DAU growth across all regions (with solid engagement trends) and solid bookings/revenue trends as the company believes investments in innovation are now yielding output,” Goldman Sachs said in a note.

Airbnb (NASDAQ:), meanwhile, delivered upbeat guidance after quarterly results beat estimates on both the top and bottom as a healthy demand for travel underpinned bookings.

“The story to us here is that this high-quality company is getting large credit for strong execution amplified by a confluence of additional tailwinds,” RBC said as it lifted its price target on the stock to $135 from $110 a share.

Energy was a drag on the broader market, falling nearly 3%, driven by a slump in pressured by a slump in following a much larger than expected build in U.S. weekly .

U.S. crude stockpiles rose by 16.3 million barrels last week to 471.4M barrels, well above expectations of 1.2M barrels.

Devon Energy (NYSE:) fell 11% after its fourth-quarter missed expectations and the energy company projected capital expenditure of $3.6 billion to $3.8B, above estimates for $3.42B.

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