Nasdaq Composite Falls from Record Highs as US Treasury Rates and Oil Prices Rise

The Nasdaq Composite index closed at its lowest level in four days on Wednesday after hitting record highs just two sessions prior. The decline was fueled by a rise in US Treasury rates and oil prices, as well as pullbacks in select Big Tech stocks.

The Nasdaq Composite lost 1.1% to close at 26,936.04, while the S&P 500 fell 0.8% to 7,706.05, and the Dow-30 shed 0.7% to 51,511.59. Many Big Tech stocks gave back some of their recent gains, with Nvidia down 1.5%, Micron Technology and Amazon both down 2.2%, Advanced Micro Devices off 1.5%, and Intel 1% lower.

However, not all tech stocks suffered losses. Quantum-computing firm IonQ Inc rose 4.4% on two catalysts: the development of a real-time quantum error decoder and a deal to bring its Superion 256 computer to NVIDIA's research center. Select cybersecurity stocks also gained ground, including CrowdStrike up 5% after hitting an all-time intraday high, and Palantir 3.7% stronger.

The decline in tech stocks was offset by gains in select other sectors. Meanwhile, the US 10-Year Treasury Notes Yield shot up as much as 16.8 basis points to a 19-year high of 5.135%, on fresh inflation fears and strong economic data. Crude oil futures rose 2.2% to $92.50 a barrel.