Treasury Yields Spike, Tech Stocks Fall, but Crypto Market Holds Firm
US stock futures took a hit on Tuesday as long-term Treasury yields surged to their highest level since June 2007. The Nasdaq 100 dropped by 1.2%, the S&P 500 by 0.5%, and the Dow by 0.1%.
The sharp move in bonds had a significant impact on growth and tech stocks, with Nvidia plummeting by about 2% in premarket trading, and Micron Technology falling by around 4%. Higher Treasury yields also weighed on the market, contributing to the overall decline.
Home Depot was an exception, with its stock rising roughly 1.5% after reporting better-than-expected fiscal second-quarter results while maintaining its full-year outlook.
The crypto market, however, remained relatively resilient, with Bitcoin holding steady above $64K and a total market cap of around $2.28 trillion, up about 0.5% over the day.