Shares of MercadoLibre (NASDAQ: MELI) fell today even though there was no news out on the Latin American e-commerce company. Instead, it was one of a number of high-growth stocks that pulled back sharply today as investors were spooked by fears of rising Treasury yields, which entice investors away from growth stocks and into other options like bonds. MercadoLibre stock finished the day down 5.4% while the 10-year Treasury yield rose 1.6% to 1.48%.
The stock market was deeply divided on Monday, with certain sectors doing far better than others. In a relatively unusual development, the Nasdaq Composite (NASDAQINDEX: ^IXIC) found itself on the short end of the stick, with the index falling almost half a percent in mid-afternoon trading even as other stock market benchmarks were up on the day. Overarching the Nasdaq's underperformance on Monday was one factor.
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