Tech Hangs Tough as Faltering Reopening Trade Slams Small Caps
- Nasdaq 100 touches record as growth fears hit Russell 2000
- Yields showing risk-off positioning, says Capital Y Investment
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Stock investors poured into megacap growth shares, briefly sending the Nasdaq 100 to a record, on a bevy of strong corporate earnings and a rally in the global bond market fueled by anxiety over central-bank hawkishness.
The Nasdaq 100 jumped as much as 1.1% to hit an intraday high for the first time since September before wrangling in Washington over how to pay for a federal spending bill cut the advance by about two-thirds. The index closed up just 0.3%.