01 Stock Market
Wall Street's main indexes closed lower on Tuesday with the Nasdaq leading declines, after the benchmark 10-year Treasury yield climbed to its highest level in more than a year on mounting inflation concerns as oil prices stayed elevated and investors were anxious about the lack of a peace agreement between the U.S. and Iran.
The S&P 500 and the technology-heavy Nasdaq marked their third straight day of declines as investors took profits after a steep rally that started in late March. Investors also considered the possibility that the next move by the Federal Reserve could be interest rate hikes, if inflation stays high.
The U.S. major indexes closed as follows: Dow Jones declined 0.65% at 49,363.88; S&P 500 declined 0.67% at 7,353.61; NASDAQ declined 0.84% at 25,870.71.
Several large-cap and leveraged tech plays made pronounced moves. Micron Technology up 2.52% at $698.74 after optimism over memory-chip pricing; SanDisk up 3.77% at $1,383.29 and Intel up 2.43% at $110.80 also outperformed. In contrast, heavyweight constituents lost ground: NVIDIA fell 0.77% at $220.61; Tesla fell 1.43% at $404.11; Microsoft fell 1.44% at $417.42; Advanced Micro Devices fell 1.65% at $414.05; Alphabet (GOOG) fell 2.09% at $384.90. Among the broad semiconductor ETFs, SOXL rose 0.09% at $151.89 while inverse product SOXS fell 0.20% at $9.93, highlighting choppy positioning. Elsewhere, Apple inched up 0.38% at $298.97, displaying relative resilience.
02 Other Markets
U.S. 10-year Treasury yield rose by 0.00%, latest at 4.67%. USD/CNH rose 0.05%, at 6.85; USD/HKD fell 0.00%, at 7.83. U.S. Dollar Index fell 0.01%, at 99.28. WTI crude futures fell 0.04%, at 104.11 USD/bbl; COMEX gold futures fell 0.45%, at 4,490.90 USD/oz.
03 Top News
Google Unveils New $100 Per Month AI Ultra Plan; Cuts Price of Top-Tier Plan
Google (GOOG) (GOOGL) on Tuesday unveiled a new $100 per month AI Ultra plan aimed at developers and creators.
Announced at the company's I/O developer conference, the $100 per month plan comes with five times the usage limit in the Gemini app and Google Antigravity when compared to its Pro Plan; integration with its new frontier Gemini 3.5 Flash model; priority access to Google Antigravity, the tech giant's agent-first development platform; 20TB worth of cloud storage; and a YouTube Premium individual plan.
US 30-Year Yield Hits Highest Since 2007 as Selloff Deepens
Yields on the US Treasury’s longest-dated bond rose to the highest level in almost two decades as investor concerns mount that accelerating inflation will force central bankers to raise interest rates.
The 30-year yield rose as much as seven basis points to 5.20% on Tuesday, a level last seen on the eve of the 2007 global financial crisis. Bond markets across Europe and Japan also fell, while the selloff spilled over into US equity markets.
Yields on government bonds have surged globally in recent weeks as a jump in energy prices caused by the Iran war adds to inflation fears, pushing traders to bet the Federal Reserve will hike rates as soon as this year. Mounting deficits are also prompting investors to demand greater compensation to own longer-maturity debt.
Goldman Sachs Set to Be Named Lead Left Underwriter for SpaceX IPO, Source Says
Goldman Sachs is expected to secure the much-coveted lead left position in Elon Musk's rocket and satellite maker SpaceX's initial public offering, a source familiar with the matter told Reuters on Tuesday.
The position refers to the bank that holds the most senior and prominent role among all the underwriters of an IPO deal.
Sources: Reuters, Dow Jones, Tiger Newspress, Benzinga, public market data
Disclaimer: This content is for reference only and does not constitute investment advice.
