Tech-heavy Nasdaq slides at open as bond yields spike to 14-month highs

Bond yields spiked after the Federal Reserve pledged to tolerate inflation and keep monetary policy loose through 2023

The tech-heavy Nasdaq dropped at the open on Thursday as bond yields hit 14-month highs after the Federal Reserve pledged to tolerate inflation and keep monetary policy loose through 2023.

The Dow Jones Industrial Average fell 87.2 points, or 0.26%, at the open to 32928.16. The S&P 500 fell 20.6 points, or 0.52%, at the open to 3953.5, while the Nasdaq Composite dropped 176.0 points, or 1.30%, to 13349.203 at the opening bell.