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Nasdaq drops as chip selloff hits tech, bond yields stay elevated
Oil rose to over two-week highs and the 10-year Treasury yield stayed around 4.7%, adding pressure to US stocks.
US equities fell on Tuesday, with the Nasdaq Composite down 1% as chip stocks came under pressure and investors weighed higher oil prices and still-elevated government bond yields, according to Yahoo Finance.
The S&P 500 slipped 0.4% and the Dow Jones Industrial Average traded roughly flat, as losses extended after a weak start to the week.
Oil climbed to its highest level in over two weeks, with Brent near $91 per barrel and West Texas Intermediate around $84 per barrel. Yahoo Finance also cited a sharp drop in the US Strategic Petroleum Reserve, which was reported as plunging to its lowest level since 1982.
Bond yields remained a key drag, with the US 10-year Treasury yield around 4.70% and the 30-year yield edging down to about 5.30% after reaching a 19-year high. Yahoo Finance noted that earnings have supported equities so far, though Home Depot shares dipped after an improvement in Q2 sales tied to smaller summer projects, and Klarna stock fell after a trimmed outlook.
Latest closeBrent $88.59 ▲1.8%|S&P 500 7,785.76 ▼0.2%|Nasdaq Comp. 26,729.16 ▼0.3%