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S&P 500 and Nasdaq open lower as chip stocks drag, inflation fears persist

BY Reuters | TREASURY | 09:35 AM EDT

May 19 (Reuters) - The S&P 500 and the Nasdaq opened lower on Tuesday, pressured by a selloff in heavyweight chip stocks and lingering inflation concerns as Treasury yields continued to rise.

The Dow Jones Industrial Average rose 10.4 points, or 0.02%, at the open to 49696.53. The S&P 500 fell 27.3 points, or 0.37%, at the open to 7375.75?, while the Nasdaq Composite dropped 167.2 points, or 0.64%, to 25923.486 at the opening bell.

(Reporting by Ragini Mathur in Bengaluru; Editing by Pooja Desai)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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