The Nasdaq slides below the 50-day moving average for the first time since late October as yields rise

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The Nasdaq Composite fell on Tuesday morning, with the technology-laden index falling pushing it below the 50-day moving average for the first time in about four months. The Nasdaq COMP,
-1.73%
traded 2.2% lower in the last check, after suffering 2.5% on Monday, and placed the technology index at around 13,233, below the 50-day moving average, considered by technical analysts as an indicator of active short-term momentum, at 13,240.68, according to FactSet data. According to Dow Jones market data, the index has not exceeded this level since October 28th. Market watchers often see moving averages as the demarcation line between the bullish and bearish momentum of an asset. Meanwhile, the broader market leaned lower as government bond yields rose, forcing investors to evaluate their investments in technology stocks that are so valued. The S&P 500 SPX Index,
-0.68%
fell 1% to 3,837, while the Dow Jones Industrial Average DJIA,
-0.36%
fell 0.6% in Tuesday’s stock to 31,341.

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