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U.S. markets tumbled Friday as tech stocks led the selloff, with Apple, Tesla, and NVIDIA sliding amid a Treasury yield surge to 4.64%, sparking fears of inflation and higher borrowing costs.
Tech Stocks Lead Market Declines Amid Treasury Yield Surge
On Friday, U.S. stocks experienced a significant decline, with technology stocks leading the selloff. This decline was fueled by an increase in Treasury yields, Investing.com reports.
The NASDAQ Composite and the S&P 500 both had a 1.5–2% decline at 12:59 p.m. ET (17:59 GMT). A decline of 491 points, or 1.1%, occurred in the Dow Jones Industrial Average.
Apple Inc. experienced a decline of roughly 2%, only one day after reaching a new all-time high after receiving an upgrade from the tech-bull Wedbush on Thursday.
Apple, Tesla, and NVIDIA Stocks Decline
Tesla Inc. shares experienced a decline of 4.6%, while the stock of market darling NVIDIA Corporation experienced a slight decline of 2.9%.
During a significant downturn in the technology industry, Alphabet experienced a decline of more than 2%.
Treasury Yields Reach Multi-Month Highs
As a result of rising inflation fears and anticipation for a more hawkish Federal Reserve in 2025, the benchmark 10-year Treasury yield jumped to 4.64% earlier, its highest level since early May, sending tech prices down.
"The rise in long-term yields mostly reflects a stronger growth outlook but could also signal concerns about inflation and the federal budget deficit," DA Davidson said in a recent publication.
Higher Borrowing Costs Constrain Investments
When yields rise, borrowing costs rise as well. This can limit investments in R&D and growth, which in turn reduces profit margins.
As Bitcoin relinquishes its gains, Microstrategy drives crypto equities lower. Coinbase Global Inc. and other crypto-related stocks plummeted, with MicroStrategy Incorporated falling more than 3% after losing early-day gains.
Following Bitcoin's (BitfinexUSD) challenges to its gains after surpassing $97,000, the market experienced a fall afterward.
