Finance

High-growth technology stocks and artificial intelligence winners faced heavy pressure as investors locked in profits following recent gains. Major chipmakers including Intel, Micron, and NVIDIA saw substantial losses, while the newly debuted Cerebras Systems fell 10% after its initial surge.

The yield on the 30-year Treasury note jumped to 5.13%, marking its highest level since 2007, driven by persistent inflation fears and rising oil prices. Simultaneously, the 10-year yield reached approximately 4.6%, reflecting investor concerns that the Federal Reserve may maintain elevated interest rates longer than previously anticipated.

U.S. West Texas Intermediate futures rose to approximately $105 per barrel, fueled by the ongoing conflict with Iran and disruptions in the Strait of Hormuz. These elevated energy costs are exacerbating inflation concerns, which have further dampened market sentiment regarding potential interest rate cuts.