S&P 500 slips from record, Nasdaq stocks slammed as 10-year yield jumps

U.S. stocks fell on Thursday led by technology shares as a spike in bond yields fueled fears of equity valuations and caused investors to sell growth-focused high flyers.

The S&P 500 slid 0.6%, falling from a record closing high reached in the previous session. The tech-heavy Nasdaq Composite dropped 1.3% as Apple, Alphabet, Microsoft and Facebook all fell at least 1%. Tesla slipped more than 3%. The Dow Jones Industrial Average traded flat, supported by bank shares.

The move came as the 10-year Treasury yield jumped 11 basis points to 1.75%, its highest level since January 2020. The 30-year rate also climbed 6 basis points and breached the 2.5% level for the first time since August 2019….