Stock market sell-off has Nasdaq poised to book ugliest week in more than 6 months

Stock market sell-off has Nasdaq poised to book ugliest week in more than 6 months

The Nasdaq Composite Index COMP, -1.15% on Friday was on set to notch its worst week in more than six months as a steady government bond yield raised questions about valuations of some of Wall Street’s riskiest assets. Technology and internet names have been hit particularly hard, with the Nasdaq down 1% on Friday at 7,801, putting the tech-centric equity benchmark on the verge of booking a weekly fall of 3.2%. That weekly slump, if it holds, would represent the steepest weekly skid for the Nasdaq since March 23, when it dropped 6.5%, according to FactSet data. The 10-year Treasury note TMUBMUSD10Y, +1.20% a benchmark government debt instrument that is used to price everything from car loans to home mortgages, was yielding 3.22%, compared with 3.055% last Friday, reflecting a brisk move for Treasurys. Bond prices fall as yields rise. The broader market also was under pressure, with the Dow Jones Industrial Average DJIA, -0.70% off 170 points, or 0.6%, at 26,454, and the S&P 500 index SPX, -0.55% down 0.5% at 2,887. All three main indexes were trading near session lows late-morning Friday.

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