Stock market news: Tech getting hit for 3rd straight day

A
trader reacts as he watches screens on the floor of the New York
Stock Exchange in New York
Reuters/Brendan McDermid

• Stocks continued a three-day losing streak
  Monday.
• Government bond yields jumped sharply higher to levels
  not seen since 2011 last week.
• Meanwhile, the US is said to be monitoring China for
  currency manipulation.

Stocks continued a three-day losing streak Monday following a
bond selloff last week and as escalating trade tensions between
the US and China left Wall Street on edge.

The bond market was closed Monday for the holiday, but the
10-year Treasury yield jumped to multi-year highs at 3.23% last
week after a string of robust economic data. The Federal Reserve
is expected to continue tightening, adding to three rate
increases this year and eight since the financial crisis.

Technology companies, which have led Wall Street’s latest bull
run, took the biggest hits. The Nasdaq
Composite was down 92 points, or 1.2%, to 7,696.48. Among the
losers were Microsoft
(-1.34%), Apple (-0.7%),
Alphabet
(-1.5%) and Nvidia
(-2.23%). Shedding more than 4%, Tesla
shares neared the lowest
level in a year and a half. 

Meanwhile, the Dow Jones industrial average pared losses after
falling more than 200 points and climbed back to 26,463.75. The
S&P 500 was little changed. 

Concerns about conflicts between Washington and Beijing pulled
down large-cap industrial stocks, including Boeing
(-0.86%) and Caterpillar
(-0.5%), which are sensitive to trade tensions.  

Bloomberg reports the Trump administration is weighing
whether to name China a currency manipulator. A weaker yuan could
be used to boost exports and mitigate effects of US
tariffs.