Finance

Technology stocks faced heavy selling pressure, led by a massive 17% plunge in Super Micro Computer following its announcement of a $7 billion equity raise. Other industry giants, including Nvidia and Micron Technology, also extended their recent declines as high valuations and cautious guidance from peers cooled enthusiasm for artificial intelligence infrastructure.

U.S. Treasury yields held steady after a 10-year note auction drew strong demand, with the benchmark yield settling near 4.54%. Although yields have retreated slightly from recent highs, they remain elevated as traders assess the Federal Reserve's restrictive policy stance in light of persistent core inflation pressures.

Digital assets experienced significant declines, with Bitcoin falling over 2% to hover around $61,000, its lowest level since late 2024. The broader crypto market is struggling with weakened investor confidence, marked by record outflows from spot ETFs and a pivot in capital toward AI and traditional safe-haven assets.