RCL - Treasury Sell-Off Takes Down Tech Crypto

Stock markets sold off this week as the yield on U.S. 10-year Treasurys briefly rose past 1.6%. Most of the damage came on Thursday, when the Nasdaq posting its biggest one-day loss in four months. Besides tech, cryptocurrencies (and crypto-proxy stocks) were the big losers. More on that below. Tech stocks have rebounded today, though the broader market struggled to gain traction. As of 2 p.m. on Friday, the S&P 500 (SP500) was down 1.5% for the week, with the Nasdaq (COMP) and Dow Industrials (DJI) off 1.1% and 3.6%, respectively. Winners & Losers Most movement came off earnings-related news, but the ‘reopening trade’ quietly continued. Cruise lines rallied, with Royal Caribbean (RCL) adding 22% for the week. Norwegian Cruise Lines (NCLH) gained 14% and Carnival (CCL) 11%. Airlines also did well, with the U.S. Global JETS ETF (JETS) gaining 8% for the week. American Airlines (AAL) was the best-performing

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Treasury Sell-Off Takes Down Tech, Crypto