Bond Rout - Heard on the Street Recap -- WSJ

Dow Jones05-16

By Heard Editors

What Happened in Markets Today

Bonds slammed stocks. A sharp jump in yields on U.S. government debt halted the recent chip-fueled rally. The S&P 500 tumbled 1.2% on Friday, the Nasdaq Composite fell 1.5% and the Dow Jones Industrial Average shed 537 points, or 1.1%.

Thirty-year Treasury yields end at their highest since 2007. The 30-year government bond hit its highest closing yield in nearly 20 years, at 5.127%. The 10-year yield jumped over 0.13 percentage point on Friday to 4.595%, its highest close since February 2025.

Trump's China summit ends. President Trump said that he and Chinese leader Xi Jinping "feel very similar on Iran" and both want the conflict to end. Worries about high oil prices' impact on inflation were cited in the bond market's move.

Cerebras shares slid back. The high-flying AI chip company's IPO this week makes it an expensive stock, says Heard on the Street's Dan Gallagher. The shares fell over 10% on Friday.

SpaceX is planning a June IPO. The Journal reported that the company is aiming to list on June 12. It is aiming to raise as much as $80 billion or more.

This analysis comes from the Journal's Heard on the Street team. Subscribe to their free daily afternoon newsletter here.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

May 15, 2026 17:20 ET (21:20 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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