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Tech Leads Stock Advance With Lockdowns Widening: Markets Wrap

  • Cyclical shares lead decline in Europe; Treasury yields dip
  • Gold falls a fourth day amid drawdown in bullion-backed ETFs
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Tech shares led U.S. equity indexes higher, with the stay-at-home trade gaining appeal as investors weighed the impact of tougher virus restrictions on economic growth along with the outlook for widespread vaccine distribution within months.

Advances for Microsoft Corp., Inc. and Adobe Inc. lifted the Nasdaq 100. Tesla Inc. rose to a record as investors bet that the global car market will be dominated by electric cars in decades ahead. The S&P 500 Index edged higher, but underperformed the tech-heavy gauge as investors sought out shares of companies poised to do well during lockdowns.