Tech stocks turn solidly lower midday Monday as benchmark 10-year Treasury punches up to 1.60% to start Thanksgiving week

The Nasdaq Composite connected Monday pivoted into antagonistic territory, and the broader banal marketplace was disconnected its champion levels of the session, arsenic Treasury rates rose, putting unit connected the yield-sensitive index. The Nasdaq COMP, -0.35% was trading adjacent the lows of the session, down 0.8% astatine astir 15,930, aft mounting an intraday grounds earlier astatine 16,212.23. The downturn for the benchmark came arsenic the 10-year Treasury output TMUBMUSD10Y, 1.607% roseate to astir 1.60%, from 1.535% connected Friday afternoon. The emergence successful yields comes arsenic Federal Reserve Chairman Jerome Powell was nominated by President Joe Biden for a 2nd word arsenic caput of the U.S. cardinal bank, arsenic had been wide expected. Meanwhile, the different benchmarks were trading solidly higher but disconnected their champion levels. The S&P 500 scale SPX, +0.45% was trading disconnected 0.3% astatine astir 4,712, aft establishing an intraday all-time precocious astatine 4,743.83, portion the Dow Jones Industrial Average DJIA, +0.62% was trading 0.6% higher astatine astir 35,825. U.S. markets volition beryllium closed Thursday and spot an abbreviated league Friday.