US Stock Market Plunges as Tech Giants Take Hit

The US stock market experienced a decline on August 10, with both the S&P 500 and Dow Jones Industrial Average falling. The Dow closed at 53,975.98, down 0.11% from the previous day, while the Nasdaq Composite Index dropped 0.32% to 26,605.36.

NVIDIA (NVDA) led the declines among the 'Magnificent Seven,' dropping nearly 3% after reports of negotiations for a $500 billion AI funding round. Apple (AAPL) fell 1.5% following an institutional downgrade, while Microsoft and Amazon bucked the trend with gains over 1%. Intel (INTC) plummeted more than 4% after announcing a stock offering.

Coherent (COHR) crashed 10% as the optical communications sector plummeted. U.S. Treasury yields retreated, with the two-year yield pulling back from a three-week low. The yen fell to an August low of 1%, and Bitcoin dipped below $64,000, down over 2% from its intraday high.