U.S. Stocks Slide as Tech Sells Off and Treasury Yields Surge

CNBC reported Friday that U.S. equity markets retreated as a tech selloff and a sharp climb in Treasury yields weighed on investor confidence. The S&P 500 fell 0.9%, the Nasdaq Composite slipped 1.1%, and the Dow Jones Industrial Average lost around 475 points, or roughly 1%.

Tech Stocks Bear the Brunt of the Selloff

The tech selloff struck the sector’s heaviest hitters particularly hard. Intel shed 5%, Advanced Micro Devices fell 3%, and Micron Technology dropped 4%. Nvidia lost 2%, and Cerebras Systems, which had surged 68% in its Nasdaq debut the prior session, gave back 4%.

Adam Crisafulli of Vital Knowledge told CNBC the group had seen “an extremely unsustainable move in recent weeks” and remained exposed to profit-taking. Microsoft bucked the trend, however, gaining around 4% after billionaire investor Bill Ackman disclosed that his firm Pershing Square had built a new stake in the company.

Yields Climb as Inflation Concerns Resurface

The 30-year Treasury yield topped 5.1%, reaching its highest level since 2025. A run of economic data this week pointed to reaccelerating inflation, partly driven by elevated oil prices linked to Middle East tensions. Higher long-term rates tend to compress valuations for growth-heavy technology stocks most severely.

Oil added to the pressure. U.S. West Texas Intermediate futures climbed 3% to around $104 per barrel, while international Brent crude rose a similar amount to approximately $108.

Trump-Xi Summit Fails to Deliver Breakthroughs

Markets had also been watching closely for concrete outcomes from the summit between President Donald Trump and Chinese President Xi Jinping. Investors came away disappointed after no major trade or policy agreements emerged. The two leaders agreed the Strait of Hormuz must remain open, but analysts said the few specific announcements were thin.

Boeing shares extended a decline of nearly 5% from the prior session, sliding a further 3% on Friday. Trump’s announcement that China had agreed to purchase 200 Boeing jets fell flat, as the figure represented only 50 aircraft more than previously anticipated.

A Record Rally That Is Showing Cracks

Thursday had been a standout session. The Dow reclaimed 50,000, and the S&P 500 closed above 7,500 for the first time, propelled by enthusiasm around artificial intelligence. Portfolio manager Jed Ellerbroek of Argent Capital Management cautioned, however, that the rally’s narrow base is a growing concern. He noted that the broader market has lagged the largest tech names considerably. When a single theme drives price action, he argued, the resulting move is inherently fragile.

Despite Friday’s broad slide, 11 S&P 500 components still notched all-time highs during the session, including CrowdStrike, Datadog, Philip Morris, and Williams Companies.

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