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US markets lost over $1 trillion in value as the Nasdaq Composite fell 2.6% and the S&P 500 dropped 1.24%, marking the worst Nasdaq day since June. The sell-off coincided with a 0.193 percentage point drop in the 10-year Treasury yield to 4.952% and a 6.7% decline in the Philadelphia Semiconductor Index, its largest daily drop since June 23. Investors exited AI positions amid concerns over infrastructure spending, with Meta losing $124 billion in market cap after raising 2026 capex projections to $135 billion or more.
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Key sources
- SOURCE@firstsquawk“NASDAQ CLOSES 2.64% LOWER AT 25,999.35, DOWN 703.50 POINTS”x.com
- SUPPORT@kevrgordon“Philly Semiconductor Index -6.7% today ... worst day since June 23”x.com
- SOURCE@nicktimiraos“Thursday's 10-year Treasury yield decline of 0.193 percentage point (to 4.952%) is the largest single day yield decline since March 10, 2023”x.com
- SUPPORT@amitisinvesting“the 10-year finally came below 5% for the first time in a month”x.com
- SUPPORT@bespokeinvest“AI infrastructure stocks are getting pummeled while money rotates into the rest of the market”x.com
- SUPPORT@negligible_cap“The 2-year and 10-year are both down 17 bps today. RSP is up 30 bps”x.com
- SUPPORT@omillionaires“Mag 7 downgraded to Mag 6 1/2”x.com
- SUPPORT@howardlindzon“sentiment on Stocktwits has dropped to 5. The lowest reading EVER since we started tracking it in 2017”x.com