Tech gains not enough as markets decline

Technology stocks rebounded from a three-day rout but failed to lead the broader market higher, while yields on Treasuries retreated from a seven-year peak amid rising trade tensions and a sketchy outlook for global growth. The dollar drifted lower and crude hovered around $75 a barrel.

The Nasdaq 100 Index, which lost nearly 4 percent over the previous three sessions, rose despite giving up much of a 1 percent increase earlier in the day. The S&P 500 Index turned lower on a 3.4 percent decline in materials shares, the worst performing group in the stock market, after a leading coatings maker warned that profits would fall short of analyst forecasts.

“Tech’s slide — outside semiconductors — has stopped due to the pause in interest rates moving higher,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. “Separately from that, people are stepping in and buying some of these names because they’re on sale.”

Meanwhile, the yield on benchmark 10-year Treasuries slipped after almost hitting 3.26 percent, the highest since 2011.

“There was some talk that when the bond market opened up today we may see rates move lower. That was a telling sign, and we did not see that,” said Victoria Fernandez, chief market strategist for Crossmark Global Investments. “We have really established this new range on the 10-year.”

The Stoxx Europe 600 Index rose for the first time in four days. The MSCI Asia Pacific Index notched a seventh straight drop, though stocks in Shanghai rose following the biggest selloff in more than three months. The yuan gained in onshore trading after sliding a day earlier — a move that prompted concern from the U.S. government.