The Nasdaq Composite (NASDAQINDEX:^IXIC) fell 1.03% to 26,100, the Dow Jones Industrial Average (DJINDICES:^DJI) dropped 0.79% to 52,767, and the S&P 500 (SNPINDEX:^GSPC) slipped 0.70% to 7,633 as tech weakness and rising yields pressured benchmarks.
Today’s biggest moves
Cybersecurity firms Palo Alto Networks (NASDAQ:PANW) and CrowdStrike Holdings (NASDAQ:CRWD) weighed on the software sector following recent financial results, as technology stocks led the day’s declines.
Meanwhile, traders at Goldman Sachs Group (NYSE:GS) are noting increased investor nervousness and cautious risk allocations as global markets contend with escalating tensions in the Middle East.
What this means for investors
Following the U.S. launching new strikes on Iran on Tuesday, markets took a risk-off stance as crude oil surged 5% and Treasury yields kept creeping higher. These higher yields and increased market volatility weighed heavily on tech and growth stock names today, as evidenced by the S&P 500’s biggest loser: Axon Enterprise (NASDAQ:AXON), which slid 9%.
On the other side of the spectrum, Moderna (NASDAQ:MRNA) continued its incredible run, jumping 10% today, as it receives analyst upgrades following the historic announcement of a potential cancer vaccine two weeks ago. In addition to Moderna, value stocks held up better today, as shown by the Invesco S&P 500 Low Volatility ETF (NYSEMKT:SPLV) declining 0.2% versus the Invesco S&P 500 High Beta ETF’s (NYSEMKT:SPHB) drop of 2.1%.
Elsewhere, Tim Cook shifted from CEO to Executive Chair at Apple (NASDAQ:AAPL) today, as hardware chief John Ternus took over as the top banana at the $4.6 trillion behemoth.
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