US Stocks Plummet as Bond Market Pressure Continues

US stocks suffered their third consecutive day of losses on Thursday as pressure from the bond market took its toll. The Nasdaq plunged more than 1%, with the Dow Jones Industrial Average falling 0.22% to 53,343.40 and the S&P 500 declining 0.69% to 7,691.76.

The chip sector was hit particularly hard, with the Philadelphia Semiconductor Index (SOX) dropping nearly 5%. SK Hynix and SanDisk both plummeted over 9%, while AI-related stocks such as CoreWeave and Coherent/Lumentum suffered significant losses as well.

Ongoing tensions in the Middle East continued to unsettle markets, with long-term Treasury yields reaching new highs not seen since 2007. Geopolitical risks also drove up energy prices, with crude oil rising nearly 2% and Brent hitting a three-week high.