Nasdaq ends lower as Treasury yields rise, Lyft plunges

Indexes: Dow up 0.5%, S&P 500 up 0.22%, Nasdaq down 0.61%Lyft tanks on weak outlookEnergy firms climb on higher crude prices

Feb 10 (Reuters) – The Nasdaq ended lower on Friday as megacap growth stocks came under pressure after Treasury yields pointed to higher interest rates and shares of ride-hailing firm Lyft plunged following a downbeat profit forecast.

Yields on the benchmark 10-year Treasury note rose to their highest in more than a month following an auction on Thursday of 30-year bonds that saw weak demand.

“Investors are wondering what the bond market is telling us that economic indicators are not telling us,” said Sam Stovall, chief investment strategist at CFRA Research. “Higher bond yields are going to more adversely affect the higher growth technology companies.”

But a rally in energy stocks as oil prices climbed on Russia’s plans to cut crude supplies helped push up the Dow and the S&P 500.


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