Key Takeaways:
- Dow fell 0.51% to 53,459.78 as the 30-year Treasury yield hit 5.31%, the highest since 2007.
- AI hardware bucked the trend — the Philadelphia Semiconductor Index rose 1.64% to 12,621.
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US stocks fall as 30-year yield tops 5.31%, highest since 2007
The S&P 500 fell 0.52% to 7,745.06 as the 30-year Treasury yield hit 5.31%, the highest since 2007.
"Treasury yields passing 5% won't break the market," Josh Brown, chief executive at Ritholtz Wealth Management, said on CNBC's Closing Bell.
The Dow Jones Industrial Average dropped 0.51% to 53,459.78 and the Nasdaq Composite lost 0.32% to 26,644.91. The 10-year yield rose 3 basis points to about 4.72%, while the gap between 2- and 30-year yields widened to 114 basis points, the most since April.
The selloff in long-dated Treasuries reflects investor concern over government spending, a flood of long-term bond sales, and inflation stuck above the Federal Reserve's 2% target for five years. The federal government's nearly $2 trillion annual deficits keep pushing up the national debt, forcing the Treasury to pay higher interest on new borrowing. Goldman Sachs data shows global bond issuance dropped 16% year-over-year last week, though year-to-date issuance remains 9% higher than the same period last year.
AI Hardware Outperforms as CPO Enters Mass Production
The Philadelphia Semiconductor Index rose 1.64% to 12,621 points, with 19 of its 30 constituents advancing. Memory stocks led the charge — SanDisk jumped 8.88% to $1,786.85, Western Digital gained 5.35%, Micron rose 4.13% to $1,011.75, SK Hynix added 3.04%, and Seagate Technology climbed 2.19%.
Optical communication names also surged: Marvell Technology rose 5.54%, Lumentum gained 4.62%, Corning advanced 4.36%, Ciena added 3.86%, and Applied Optoelectronics rose 3.07%. Nvidia announced its Spectrum-X Ethernet Photonics switch based on co-packaged optics (CPO) technology has entered mass production, delivering 5x optical power efficiency and a 10x improvement in reliability versus traditional pluggable optical modules.
Among mega-cap tech, SpaceX rose 4.45%, while Meta Platforms fell 3.54%, Microsoft dropped 3.04%, Tesla lost 0.87%, Google declined 0.55%, Amazon fell 0.51%, Broadcom slipped 0.14%, Apple eased 0.11%, and Nvidia edged down 0.07%.
Nvidia Backs OpenAI Campus With $105 Billion Credit Support
Nvidia announced it will provide up to $105 billion in credit support for an OpenAI data center campus in Pike County, Ohio, and invest $1.5 billion in project developer SB Energy. OpenAI plans to lease up to 8 gigawatts of computing capacity under a 20-year lease, with the first 800 megawatts expected operational in 2028.
Anthropic's annualized revenue is on track to exceed $65 billion, more than septupling since the end of last year, according to people familiar with the matter. Both Anthropic and OpenAI have confidentially filed IPO documents, with Anthropic expected to debut on Wall Street as early as this fall. Synchrony Financial is also working with OpenAI to embed credit cards and consumer financing into the ChatGPT shopping workflow, though the feature is not yet fully implemented.
The US-Iran ceasefire agreement expired Monday with negotiations at a stalemate. A senior Iranian official said Tehran has set a deadline of several weeks for the US to fully implement the memorandum of understanding, warning that all Iranian entities are prepared to escalate tensions in the Strait of Hormuz if diplomatic efforts fail. President Donald Trump said the US does not seek to extend the agreement.
The energy sector rallied as crude oil prices rose on Strait of Hormuz tensions, providing a partial hedge against the broader equity decline. The next test for markets is the July reading of the personal consumption expenditures price index, the Fed's stated inflation metric, due Aug. 26.
This article is for informational purposes only and does not constitute investment advice.
[1] Treasury yields passing 5% won't break the market, says Ritholtz Wealth Management's Josh Brown[2] US Stocks Close: Dow Drops 270 Points, SOX Bucks Trend to Gain 1.64%; Memory and Optical Communication Stocks Lead Gains; Micron Rises 4% to Retake $1,000 Mark[3] U.S. bond selloff drives 30-year yields to highest since 2007[4] QUICK SPARK: 30-Year Treasury Yields Jump to 5.31%, Highest Since June 2007[5] Paramount seeks $1.88B bond from state AGs to cover WBD merger delay costs
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