Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.3%) and Nasdaq Composite (-2.6%) remain near session lows with just half an hour left in the session, while the DJIA (-0.1%) continues to wrestle with its flat line. Treasury yields fell sharply today, although the decline provided little relief to the major averages amid continued selling pressure in technology stocks. The 2-year note yield was down 17 basis points to 4.65%, while the 10-year note yield settled 19 basis points lower at 4.95%. The decline nevertheless supported defensive and rate-sensitive stocks, helping the S&P 500 Equal Weighted Index (+0.3%) remain in positive territory.

The drop in yields reflected safe-haven demand and short-covering rather than easing inflation concerns, with geopolitical uncertainty and weakness in AI-related stocks contributing to the flight to Treasuries. Meanwhile, WTI crude futures settled $2.29 higher (+2.4%) at $99.45 per barrel amid concerns about potential additional U.S. and Israeli strikes against Iran.

Looking ahead, another batch of earnings reports is due after the close, including results from Bloom Energy (BE 213.30, -25.23, -10.58%) and Western Digital (WDC 354.73, -23.78, -6.28%), both of which faced substantial selling pressure during today's AI-related retreat.