S&P 500 Is Under Pressure As Tech Stocks Are Moving Lower

Lower S&P 500 Settled The Assistance At 3960

S&P 500 fell toward the 3950 mark as pressure on tech firms persisted. The heavily weighted NASDAQ Composite in the technology sector is down 0.8% today.

In light of news that iPhone Pro shipments may be fewer than anticipated as a result of protests in China, Apple is down 2%. Additionally under pressure, it appears that traders are worried about Amazon's fourth-quarter results.

Growing Treasury yields are detrimental to growth stocks. The 10-year Treasury yield is attempting to stabilize above the 3.75% mark. It will advance towards the 3.80% mark if this attempt is successful, which will be bearish for the S&P 500 and NASDAQ Composite.

Energy stock prices are rising as WTI oil prices have risen beyond $78 per barrel. Halliburton, APA Corporation, and Schlumberger are driving the recovery.

From a broad perspective, if pressure on top tech stocks persists, the S&P 500 will be unable to build long-term upward momentum. Given that tech stocks are sensitive to fluctuations in Treasury yields, traders should keep an eye on movements in the Treasury market.

The yield on 10-year Treasuries appears to have found support in the range of 3.65% to 3.70% at this time, and traders must keep an eye on whether it can gain traction in the upcoming trading sessions.