PARIS (Reuters) – The New York Stock Exchange opened in the red on Friday, dragged down by major growth stocks, as signs of resistance in the economy fuel expectations of high rates for longer than expected.

In early trading, the Dow Jones index lost 0.37% to 34,346.96 points and the broader Standard & Poor’s 500 fell 0.5% to 4,348.10 points.

The Nasdaq Composite lost 0.85% to 13,207.75 points.

“Investors are looking at (better than expected economic data) and thinking the Fed is probably not restrictive enough,” observes Art Hogan, market strategist for B Riley Wealth.

The yield on ten-year Treasuries touched an eight-month high on Thursday, approaching the peak of 4.338%, which, if exceeded, would bring it back to its 2007 levels.

Despite the decline in bond yields on Friday, the big so-called growth or technology stocks are under pressure, like Apple (-0.6%), Amazon.com (-1.5% ) and Tesla (-1.6%).

(Written by Blandine Hénault, with contributions from Amruta Khandekar in Bangalore, editing by Kate Entringer)

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