The Nasdaq composite tumbled 1.1% in Tuesday morning trading as Treasury yields jumped to multi-year highs. Nvidia, Micron and Sandisk led chip stocks lower, while the Dow and S&P 500 also slipped.
Nasdaq leads indexes lower
The tech-heavy Nasdaq composite tumbled 1.1% just after Tuesday's open. The Dow industrials fell 0.3%, while the S&P 500 moved down 0.5% over the same stretch.
Wall Street reacted to rising Treasury yields, which hit multi-year highs. The 10-year Treasury yield rose to 4.73%, while the 30-year yield climbed to 5.2%, its highest level since June 2007.
Nvidia, Micron, Sandisk sell off
Nvidia stock sold off nearly 2% premarket, set to extend a losing streak to three sessions. Micron shares declined almost 4% premarket, threatening to snap a five-day winning streak. Sandisk dived nearly 5% in early trading, giving back much of Monday's near-9% advance.
Nasdaq-100 winners and losers
Inside the Nasdaq-100 index, Intuit and Adobe rallied 3% and 2%, respectively, making them some of the best performers just after the market open. Arm Holdings and Seagate Technology dived 5.5% and more than 4%, respectively, in morning action.
ETFs track the broader decline
Among exchange traded funds, the Invesco QQQ was down 1.3%, while the State Street SPDR S&P 500 dropped 0.5% after Tuesday's opening bell. West Texas Intermediate crude futures, meanwhile, rose to around $85.55 a barrel.
Source: Investor's Business Daily
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