After brief panic at the hands of a forced multibillion-dollar margin call, markets on Tuesday are back to focusing on rising Treasury yields that are unraveling the past year’s meteoric gains, with tech stocks once again underperforming, while buzzy meme stock GameStop continues its unlikely surge.
The booming technology trade that helped lift the market to new highs during the pandemic continues to unwind Thursday as Treasury yields spike further on dovish comments from the Federal Reserve, which experts believe could be fueling concerns over rising inflation and lower stock-market valuations.
