Investing.com - Stocks opened in the red Thursday as bond yields continued to climb, denting dividend-paying equities, and tech saw some weakness.
The selloff in Treasuries persisted, pushing the yield on the 10-year closer to 3.2% as economic data continued to show a strong economy.
Higher yields will put pressure on utility and telecom stocks, as their dividends become less attractive.
Meanwhile, tech struggled as heavyweights Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) dipped on a Bloomberg report China had planted malicious chips in their systems. Both companies denied the report.
Snap (NYSE:SNAP) fell nearly 4% after Citi lowered its price target on the stock to $7, while maintaining a sell rating, noting increasing competition, StreetInsider reported.
Elsewhere, Barnes & Noble (NYSE:BKS) stock jumped 26% after the struggling bookstore chain announced it was open to a takeover.
And Constellation Brands (NYSE:STZ) gained 5% after its earnings came in higher than expected.
In commodities, gold futures rose 0.32% to $1,206.80 a troy ounce, while crude oil futures fell 0.68% to $75.89 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was flat at 95.77.
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