S&P 500 Slips 0.17% as 10-Year Treasury Yield Climbs Back Toward 4.7%
Updated
Updated · en.sedaily.com · Aug 14
S&P 500 Slips 0.17% as 10-Year Treasury Yield Climbs Back Toward 4.7%
3 articles · Updated · en.sedaily.com · Aug 14
Summary
U.S. stocks gave back part of a three-day rally, with the S&P 500 closing at 7,785.76 and the Nasdaq at 26,729.16 as investors waited for the Fed’s July FOMC minutes.
A 5-basis-point rise in the 10-year Treasury yield drove the pullback after inflation expectations data pushed yields back toward 4.7%, adding pressure to rate-sensitive technology shares.
Chip stocks were mostly weaker—Broadcom fell 5.94%, Applied Materials 5.12% and Intel 1.97%—while Nvidia reversed to end down 0.06% and the Philadelphia Semiconductor Index slipped 0.31%.
SanDisk stood out again, jumping 7.39% after a 13% surge the previous day on its shareholder return plan and a JPMorgan upgrade; Micron rose 2.3% and SK hynix ADR added 0.4%.
The next key test is the FOMC minutes due at 3 a.m. Korea time on Aug. 20, which investors will parse for how broadly Fed officials discussed further rate hikes.