[New York Stock Exchange] Falls as Government Bond Yields Surge; Big Tech Weakens

[Financial News]  \r\n
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Stocks in New York fell broadly on the 19th local time. The Dow Jones Industrial Average (DJIA), which had edged up the previous day, also declined along with the Standard & Poor's 500 Index (S&P 500) and the NASDAQ Composite Index (NASDAQ).
Big tech stocks were mostly weak, with only a few names such as Apple posting gains. Semiconductor shares showed a mixed performance.
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All three major indexes fell.
The decline was driven by concerns after the 30-year U.S. government bond yield, a benchmark for long-term rates, hit 5.19%, its highest level since the 2007 financial crisis.
The Dow fell 322.24 points, or 0.65%, from the previous session to close at 49,363.88, while the S&P 500 lost 49.44 points, or 0.67%, to finish at 7,353.61.
The NASDAQ closed down 220.02 points, or 0.84%, at 25,870.71.
The S&P 500 and NASDAQ have now fallen for three straight trading days since the 15th.
The Chicago Board Options Exchange (Cboe) Volatility Index (VIX), known as Wall Street's fear gauge, rose 0.33 points, or 1.85%, to 18.10.
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Big tech stocks mostly struggled.
NVIDIA fell $1.71, or 0.77%, to $220.61, while Alphabet Inc. dropped $9.28, or 2.34%, to $387.66.
Tesla closed at $404.11, down $5.88, or 1.43%, and Microsoft (MS) finished at $417.42, down $6.12, or 1.44%.
After closing at $445.27 on the 13th, Tesla has fallen for four consecutive days, erasing nearly 7% of its share price.
By contrast, Apple rose $1.13, or 0.38%, to $298.97, and Palantir Technologies edged up $0.12, or 0.09%, to $135.26.
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Semiconductor stocks were mixed.
Advanced Micro Devices, Inc. (AMD) fell $6.94, or 1.65%, to $414.05, while Broadcom Inc. dropped $9.64, or 2.29%, to $411.07, extending their weakness.
Meanwhile, Micron, which had recently plunged, rose $17.20, or 2.52%, to $698.74, and Intel gained $2.63, or 2.43%, to $110.80.
Marvell Technology jumped more than 4% after Evercore ISI reaffirmed its "outperform (buy)" rating and raised its target price from $133 to $155. Marvell surged $7.34, or 4.34%, to $176.27.
The iShares Semiconductor ETF (SOXX) closed up $0.87, or 0.18%, at $496.74.
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dympna@fnnews.com Song Kyung-jae Reporter