US stocks: Tech selloff weighs down Wall Street as bond yields climb
All three major indices closed lower for the day
On Tuesday, August 18, three major Wall Street indices closed lower, with technology leading declines as Middle East uncertainty and rising bond yields fueled concerns about borrowing costs and inflation. The Philadelphia SE Semiconductor Index fell 5% as investors sold off stocks that had previously benefited from AI-related demand.
Fading hopes for Middle East peace pushed oil prices up, leading to a surge in 10-year bond yields, which hit their highest levels since 2007. The S&P 500 dropped 53.30 points (0.69%), the Nasdaq Composite fell 355.20 points (1.33%), and the Dow Jones Industrial Average declined 116.38 points (0.22%). Technology stocks were the biggest index-point drag, with the sector falling 1.9%.
Nvidia and Micron Technology were among the hardest-hit individual stocks, with Nvidia down 2.3% and Micron falling 7%. Defensive sectors like healthcare and consumer staples saw gains of 1.6% and 1.1%, respectively. The fear gauge for Wall Street rose to its highest close since August 4.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
