Premarket: Apple is red

From TheStreet’s “Dow Nears 32,000 As Oil And Commodities Surge, Tech Stocks Resume Slide; GameStop Surges” posted early Thursday:

Wall Street futures traded mixed Thursday, with tech stocks looking at their third down day of the week, as market interest rates continue to edge higher despite dovish assurances from the Federal Reserve.

Chairman Jerome Powell wrapped-up two days of testimony on Capitol Hill yesterday during which he repeated his view that record low interest rates and billions in monthly bond purchases would remain in place, perhaps for years, as the economy slowly recovery from its year-long pandemic hit.

Bond markets largely ignored his messaging yesterday, however, taking the yield on benchmark 10-year Treasury notes to a 13-month high of 1.43%, a move that was extended in overnight trading to 1.442% even as the U.S. dollar index fell to an early January low of 89.772 against a basket of its global peers.

Higher market rates will likely continue to pressure tech stocks Thursday, but the underlying improvement in both vaccine rollouts broader economic strength should provide some upside for the Dow Jones Industrial Average, which closed at a record high 31,961.86 points last night.

My take: When Apple slides and GameStop surges, you know something is broken.

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