Tech retakes market lead as investors eye yields, earnings | Malay Mail

Technology has been the top-performing S&P 500 sector in April, rising 8 per cent versus a 5 per cent rise for the benchmark index. — Reuters picNEW YORK, April 17 — US technology and growth stocks have taken the market’s reins in recent weeks, pausing a rotation into value shares as investors assess the trajectory of bond yields and upcoming earnings reports.

The increases in many of these so-called value stocks have slowed lately, while US Treasury prices have come galloping back in April after a sharp first-quarter sell-off. This suggests that some investors may have already priced in a rapid growth spurt that is showing up in economic data. Higher bond yields are particularly challenging for the performance of tech and other shares with high valuations and high expected future profits, as rising yields reduce the stocks’ values in many standard models. The 10-year yield rose about 83 basis points in the first quarter.

For example, a call by US health agencies this week to pause use of Johnson & Johnson’s coronavirus vaccine spurred a move into some stay-at-home stocks and out of travel names tied to the economic reopening.

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