• 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 ...
