Nasdaq sheds 1.6% at opening with tech stocks' drag

By Ovunc Kutlu

ANKARA (AA) - The Nasdaq was down 1.6% on Friday shortly after the opening bell as American technology firms' shares declined in the last trading day of the week.

The tech-heavy index fell 211 points to 13,187 at 9.36 a.m. EDT (1436GMT) with e-commerce website Etsy plummeting 6.6%, and Zoom Video falling 4%.

The Dow Jones, on the other hand, was up 49 points, or 0.15%, to 32,534 as investment banking firm Goldman Sachs saw its stock price climb to a new all-time high of $349.94 per share and JPMorgan gaining 1.9%.

The S&P 500 was down 19 points, or 0.5%, to 3,924 with Tesla posting a 4% decline at the time.

The VIX volatility index, also known as the fear index, was up again by 2.6%, while the yield on 10-year US Treasury notes soared 6% to 1.619% level, raising investors' worries about inflation amid the high liquidity that will be caused by $1.9 trillion relief package.

US President Joe Biden signed his $1.9 trillion coronavirus relief bill into law on Thursday, which will provide $1,400 direct payments for most Americans.