U.S. stocks opened sharply lower Friday, with all three major benchmarks heading for weekly losses in the wake of the Federal Reserve’s large interest rate hike and a surge in Treasury yields. The Dow Jones Industrial Average was down around 1% soon after the opening bell, while the S&P 500 dropped 1.1% and the Nasdaq Composite dropped 1.1%, according to FactSet data, at last check. The yield on the 10-year Treasury note was up 2 basis points Friday morning at 3.71% after climbing Thursday to the highest level since February 2011, according to Dow Jones Market Data. Growth and technology stocks are particularly vulnerable to rising rates. The Dow is on track to fall 3.4% this week, while the S&P 500 is heading for a 4.1% drop and the tech-heavy Nasdaq is on pace to drop 4.4%, FactSet data show, at last check.
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