Nasdaq 100 Falls 1% As 30-Year Yields Spike To 19-Year Highs: Stock Market Today
U.S. stocks extended losses by midday Tuesday as a fresh Treasury rout pushed long-dated yields to multi-decade highs and a crowded chipmaker trade unwound, with investors growing impatient over the unresolved U.S.–Iran standoff that has kept oil prices elevated and inflation expectations sticky.
• State Street Health Care Select Sector SPDR ETF shares are advancing steadily. Why is XLV stock advancing?
President Donald Trump told reporters Tuesday morning that a decision on Iran was still days away, saying “we’re not leaving Iran yet, we’re going to do it right” and that the timeline could stretch “two to three days, maybe until early next week.”
The open-ended timeline kept a bid under oil while feeding into a brutal long-end Treasury sell-off.
The yield on the 30-year bond climbed 6 basis points to 5.18%, its highest since 2007, while the 10-year jumped 8 basis points to 4.67%, a 16-month peak.
The 2-year yield rose 7 basis points to 4.13% as traders priced in the possibility that the Federal Reserve has room to hike rates this year.
Across U.S. equity markets by midday Tuesday, losses were broad-based and led by mega-cap tech and small caps.
The S&P 500 fell 0.6% to 7,355, while the Dow Jones Industrial Average shed 261 points, or 0.5%, to 49,425.
The Nasdaq 100 dropped 1% to 28,703, eyeing its third straight session of declines as the AI infrastructure trade extended its pullback.
Within Magnificent Seven stocks, Amazon.com Inc. (NASDAQ:AMZN) slid 3.3%, Tesla Inc. (NASDAQ:TSLA) fell 2.8%, Alphabet Inc. (NASDAQ:GOOGL) dropped 2.0%, Meta Platforms Inc. (NASDAQ:META) declined 1.2%, and Microsoft Corp. (NASDAQ:MSFT) shed 1%. Nvidia Corp. (NASDAQ:NVDA) held up better, losing only 0.5% with its earnings report on deck Wednesday after the close.
The Russell 2000 was the day’s worst major benchmark, sliding 1.3% to 2,740 as small caps caught the brunt of the yield move.
Spot gold pared its recent rebound, falling 1.4% to $4,503 an ounce and extending its month-to-date decline to roughly 6.6%, with the precious metal falling amid rising yields and a stronger dollar.
Tuesday’s Performance In Major U.S. Indices
| Index | Last | % Change |
|---|---|---|
| S&P 500 | 7,355.32 | -0.6% |
| Dow Jones | 49,425.27 | -0.5% |
| Nasdaq 100 | 28,703.51 | -1% |
| Russell 2000 | 2,740.43 | -1.3% |
According to the Benzinga Pro platform:
- The Vanguard S&P 500 ETF (NYSE:VOO) slid 0.7%.
- The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) fell 0.5%.
- The Invesco QQQ Trust (NASDAQ:QQQ) dropped 1%.
- The iShares Russell 2000 ETF (NYSE:IWM) tumbled 1.3%.
Defensives Hold The Line, Clean Energy Craters
Sector leadership flipped firmly defensive.
The Health Care Select Sector SPDR Fund (NYSE:XLV) climbed 1.3%, the best-performing in the S&P 500 sector, while the Utilities Select Sector SPDR Fund (NYSE:XLU) added 0.8% on continued M&A buzz after NextEra Energy Inc. (NYSE:NEE) announced a $67 billion deal to acquire Dominion Energy Inc. (NYSE:D) — the largest takeover ever in the U.S. power sector.
The Energy Select Sector SPDR Fund (NYSE:XLE) ticked up 0.6% on the firm crude print, and the Consumer Staples Select Sector SPDR Fund (NYSE:XLP) rose 0.5%.
At the bottom of the leaderboard, the Materials Select Sector SPDR Fund (NYSE:XLB) and Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) took the heaviest hits, down 1.8% and 1.6%, respectively.
On the industry front, the Invesco WilderHill Clean Energy ETF (NYSE:PBW) tumbled 4%, the VanEck Gold Miners ETF (NYSE:GDX) slid 3.7% in sympathy with the metal, and the U.S. Global Jets ETF (NYSE:JETS) dropped 2.6% on fuel-cost concerns.
Tuesday’s Stock Movers
Home Depot Inc. (NYSE:HD) rose 0.8% after beating Street’s estimates with a first-quarter EPS of $3.43 versus $3.41 expected and revenue of $41.77 billion versus $41.54 billion consensus.
Within chipmakers, Qualcomm Inc. (NASDAQ:QCOM) slid 3.1%, Broadcom Inc. (NASDAQ:AVGO) dropped 1.9%, and Advanced Micro Devices Inc. (NASDAQ:AMD) fell 1%. Seagate Technology Holdings PLC (NASDAQ:STX) extended its weekly slide to roughly 10% after a cautious storage outlook spooked the AI infrastructure complex earlier this week.
Bucking the move, Marvell Technology Inc. (NASDAQ:MRVL) rallied 6.6% after Evercore ISI raised its price target to $155 from $133 and Melius Research hiked its target to $220 from $140 ahead of MRVL’s May 27 earnings print, while Astera Labs Inc. (NASDAQ:ALAB) jumped 10% on the back of fresh price-target hikes — JPMorgan to $280, RBC Capital to $270, Roth Capital to $275 — and a high-profile presentation at the J.P. Morgan Global Technology, Media and Communications Conference in Boston.
Micron Technology Inc. (NASDAQ:MU) soared 4.5%, while SanDisk Corp. (NASDAQ:SNDK) edged 2.6% higher.
Defensive consumer names caught a bid. Sprouts Farmers Market Inc. (NASDAQ:SFM) rallied 6.3% as Bank of America’s May 13 price-target lift to $100 continued to fuel positive momentum into the natural-grocer’s 2026 store-expansion plan. Kroger Co. (NYSE:KR) climbed 4.2% in sympathy.
On the losing side, Rocket Lab Corp. (NASDAQ:RKLB) dropped 7% in what looks like profit-taking after the space company set a May 14 all-time high of $133.18 and surged 34% on its blowout first quarter print earlier this month — as no fresh corporate news hit Tuesday.
Tuesday’s Russell 1000 Top Gainers
| Name | % change |
|---|---|
| Astera Labs Inc. | +10.27% |
| CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCC) | +6.31% |
| Sprouts Farmers Market Inc. | +6.28% |
| Seaboard Corp. (AMEX:SEB) | +5.62% |
| Marvell Technology Inc. | +4.41% |