As of 11:31 a.m. ET, the Nasdaq Composite (NASDAQINDEX:^IXIC) was down 0.22% to 26,801, the S&P 500 (SNPINDEX:^GSPC) was trading lower by 0.26% to 7,632, and the Dow Jones Industrial Average (DJINDICES:^DJI) dropped 0.56% to 50,623 as surging bond yields pressure blue chip components.
Gold was up 0.17% to $4,193.70, while the 10-Year Treasury yield rose 0.03% to 5.29% during a session where industrials are leading the market. Basic materials stocks are the primary laggard, with consumer defensive names also showing resilience.
Today’s biggest moves
Accenture (NYSE:ACN) shares jumped after the company reported quarterly results that beat expectations alongside an upbeat fiscal 2027 outlook, while McKesson (NYSE:MCK) is rallying despite broader volatility. On the downside, Corteva (NYSE:CTVA) is among the session’s notable decliners and General Mills (NYSE:GIS) hit a 52-week low as rising interest rates weigh on the consumer sector.
What this means for investors
In a sign that investor expectations are higher than ever for tech firms, Micron Technology‘s (NASDAQ:MU) stock sank even after the company reported sales nearly quadrupled year over year and beat the analyst earnings consensus. It also issued strong guidance, but much of that news was already seemingly priced in.
The market was also under pressure as Treasury yields reached their highest level in over 20 years. Those rising rates will hit growth companies harder as they continue to borrow to invest in artificial intelligence (AI) equipment.
High Treasury yields also compete with dividend-paying stocks, helping to drive that segment of the market lower. The market may also be looking ahead to Friday’s monthly jobs report, which could help determine the future direction of interest rates.
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