Dow, S&P 500, Nasdaq Turn Lower; TSMC, Nvidia, AMD, Tesla, More Movers; Trump, China Trade Fears
Wall Street was buying bonds and selling stocks on Thursday as the market’s fear gauge spiked again and regional bank stocks slipped.
The S&P 500 was down 0.8%. The Dow was down 311 points, or 0.7%. The Nasdaq Composite was down 0.7%.
The yield on the 10-year Treasury note was down to 3.986%, which would be its lowest 3 p.m. ET closing level since Oct. 4, 2024, according to Dow Jones Market Data. A bond’s yield moves inversely to its price.
The 4% level has been closely watched by bond market observers. The only time this year that the 10-year yield’s 3 p.m. ET close finished below 4% was April 4 in the aftermath of President Donald Trump’s “Liberation Day” tariff announcement.
Financials were the S&P 500’s worst major sector. The SPDR S&P Bank ETF Was down 4.3%. The SPDR S&P Regional Banking ETF was down 4.9%.
The CBOE Volatility Index, or VIX, spiked to 22.67. While a reading around 20 is considered normal volatility, the VIX had been fairly muted from August until this past Friday.
