Wall Street rebounded from the government bond sell-off. The Nasdaq 100 snapped its five-day losing streak

Major U.S. stock indices ended the week on a positive note: At the close of trading on August 21, all indices closed higher, with the tech-heavy Nasdaq 100 breaking its five-day losing streak, Bloomberg noted. Investors were rebuilding their positions following a stock market sell-off triggered by rising Treasury yields, CNBC reports.

Against this backdrop, the S&P 500 rose 0.43% on August 21, the Nasdaq Composite rose 0.43%, and the Dow Jones rose 0.98%. The Nasdaq 100—an index tracking the 100 largest companies on the Nasdaq—rose 0.3%, thus ending a five-day losing streak.

Nevertheless, this gain was not enough to offset all the losses in U.S. stocks over the past week: Wall Street’s major indices closed lower in each of the last five trading sessions—the S&P 500 lost 1.43%, the Nasdaq Composite and Nasdaq 100 each lost 2%, and the Dow Jones fell 0.85%.

Yields on long-term U.S. Treasury bonds, which had reached nearly 20-year highs earlier in the week, continued to rise on August 22, despite the Treasury Department’s debt buyback program: for 30-year Treasuries, it stood at 5.273% (up more than 3 basis points over the day; a week ago, it was 5.21%), and for 10-year Treasuries, it was 4.734% (also up by more than 3 basis points over the day; last Friday, the yield on 10-year bonds stood at 4.63%).

The financial sector provided a boost to the stock market as a whole, according to CNBC. Shares of companies related to cryptocurrencies posted significant gains amid Bitcoin’s rise (up 22% over the week). For example, Robinhood shares jumped 13%, and Coinbase shares rose 13%.

This article is being updated

This article was AI-translated and verified by a human editor