S&P 500 Weekly Summary

The S&P 500 ended the week higher despite a lower close on Friday, influenced by a selloff in tech stocks due to rising Treasury yields.

At 4:00 p.m. ET (21:00 GMT), the indices were as follows:
– S&P 500 fell 1%
– NASDAQ Composite fell 1.5%
– Dow Jones Industrial Average fell 0.8% (325 points)

Wall St Falls Amid Rising Treasury Yields

Apple Inc (NASDAQ:AAPL) dropped 1.3% after reaching a record high the previous day, boosted by a bullish upgrade from Wedbush.

Other notable movements include:
– Tesla Inc (NASDAQ:TSLA) fell 5%
– NVIDIA Corporation (NASDAQ:NVDA) edged down 2.2%
– Alphabet (NASDAQ:GOOGL) experienced a decline of over 1% amidst a significant tech selloff.

The downturn in tech stocks coincided with a rise in the benchmark 10-year Treasury yield, which peaked at 4.64%, marking its highest level since early May. This spike has raised expectations for a more hawkish Federal Reserve in 2025 amidst ongoing inflation concerns.

DA Davidson noted, "The rise in long-term yields reflects a stronger growth outlook but may signal concerns about inflation and the federal budget deficit." Higher yields increase borrowing costs, potentially limiting spending on innovation and expansion, thus impacting profit margins.

MicroStrategy Leads Crypto Stocks Lower

MicroStrategy Incorporated (NASDAQ:MSTR) dropped over 3% after initially gaining, dragging down other crypto-related stocks, including Coinbase Global Inc (NASDAQ:COIN).

The decline followed Bitcoin's (BitfinexUSD) struggles after briefly topping $97,000.