Wall Street Opens Lower as Bond Yields Continue to Squeeze Tech; Dow

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Investing.com — U.S. stock markets opened lower on Tuesday, as bond yields continued to exert pressure on tech stocks, while cautionary messaging from U.S. health authorities kept a temporary chill on reopening trades. 

By 9:35 AM ET (1435 GMT), the Dow Jones Industrial Average was down 30 points, or 0.1%, at 33,141 points, while the S&P 500 was down 0.3% and the tech-heavy Nasdaq Composite was down 0.7%.

With the data and earnings calendars light, attention is largely on the launch of investment guru Cathie Wood’s new space-themed exchange-traded fund, the first launched by Wood’s company in two years. The fund’s largest holding, Trimble (NASDAQ:TRMB) stock, enjoyed its moment in the spotlight, rising 3.1% to a new all-time high. However, Virgin Galactic (NYSE:SPCE), which has a weighting of just under 2% in the ETF, was less fortunate, falling 0.6%.

Gainers were led by the stocks dumped so aggressively at the end of last week by the banks servicing Archegos Capital Management, the family office of former hedge fund manager and convicted fraudster Bill Hwang. The rises were largely unspectacular, but appeared to suggest that the forced selling by Archegos’ banks was over.

Vipshop (NYSE:VIPS) stock rose 7.6%, while GSX Techedu  (NYSE:GSX) stock rose 3.6% and Discovery A (NASDAQ:DISCA) shares rose 3.8%. ViacomCBS (NASDAQ:VIAC) stock also eked out gains of 1.5%.

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