Nasdaq steadies after $1 trillion rout, pointing to a bumpy 2022

Technology stocks opened slightly higher after nearly $1 trillion in value got wiped out of the Nasdaq Composite Index this week as a surge in U.S. bond yields spook investors.

Nasdaq 100 was 0.4% higher on Thursday after the worst two-day rout since March even as Tesla Inc. and Netflix Inc. fell more than 1%. U.S. 10-year Treasury yields traded near 1.75%, the highest in about 10 months. The benchmark S&P 500 Index was up 0.3% in morning trading in New York, showing signs of stabilization.

Expensive software makers, biotechs and newly minted stocks fell the most this week, while Cathie Wood’s