Stock market today: Dow slips as Treasury yields jump to dent tech; Powell eyed By

By Yasin Ebrahim

-- The What are the domestic foreign exchange dealers?Dow slipped Monday to start the week on the back foot as a jump in Treasury yields on bets of a more hawkish Federal Reserve following last week's red-hot jobs report spooked investors.

The fell 0.10%, or 35 points, the was down 1%, and the fell 0.62%.

The rose above 3.6%, hitting a more than one-month high, amid renewed investor fears about a more aggressive Federal Reserve following a red-hot January jobs report seen last week.

With the labor market expected to remain tight for longer than expected, Janney Montgomery Scott says the Fed will be forced to stay more aggressive, potentially pushing Treasury yields even higher.

“This will force the Fed to stay more aggressive in its fight against inflation (in our opinion)- where consensus had recently shifted to a pause or pivot this year,” Janney Montgomery Scott said in a note ahead of a speech by chairman due Tuesday.

Tech stocks floundered against the backdrop of rising yields, with Google (NASDAQ:) and Apple leading to the downside.

Apple (NASDAQ:) fell almost 2% as demand concerns persist following reports that retailers in China cut the price of the tech giant’s iPhone 14 models to boost sales. The reports come just a week after Apple reported showing the first year-over-year sales decline since 2019.

Dell Technologies (NYSE:), meanwhile continued the trend of tech layoffs after announcing plans to cut staff by 5% as slowing PC sales deepen worries about demand outlook. Its shares fell 3%.

Activision Blizzard (NASDAQ:) also added to the downside momentum, falling more than 4%, as Microsoft (NASDAQ:) reportedly expects the UK's competition watchdog to oppose its $69 billion deal to take over the video game company.

Rival videogame maker Software Inc (NASDAQ:) fell more than 3% as investors remained cautious on the stock ahead of its quarterly results – due after the markets close – expected to show the impact of a weaker consumer and strong competition.

Consumer discretionary stocks slipped into the red, though losses were stifled by a 2% climb in Tesla (NASDAQ:) as some on Wall Street believe the EV maker’s price cuts are helping it gain market share in China.

“[W]e are now seeing a noticeable turnaround for Chinese EV buyers favoring Tesla vs. domestic players (BYD (OTC:), Nio (NYSE:), Xpeng (NYSE:)),” Wedbush said in a note after lifting its price target on the stock to $225 from $200.

In other news, Newmont Goldcorp Corp (NYSE:) slumped 4% on reports the miner reportedly tabled a $16.9 billion bid to acquire rival Newcrest Mining (OTC:) in an all-stock deal.

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