The S&P 500 fell 0.6% to around 7,568, putting a nine-session winning streak in jeopardy. A late-day rebound back into positive territory would instead stretch the run to 10 days, its longest since 1995.
Treasuries Sold Off Sharply
The yield on the 10-year note climbed about 6 basis points to 4.50%, the 2-year rose to 4.10%, and the 30-year held at 5.00%.
The move followed ADP data showing the private sector added 122,000 jobs in May, above forecasts and the strongest reading since January 2025, alongside a stronger-than-expected ISM Services index at 54.5 and a 4.8% jump in factory orders.
The Nasdaq 100 dipped 0.5% to about 30,513 as the rise in yields hammered the largest growth names. Within Magnificent Seven stocks, Microsoft Corp. (NASDAQ:MSFT) fell 3.4%, Nvidia Corp. (NASDAQ:NVDA) dropped 3.0% and Amazon.com Inc. (NASDAQ:AMZN) lost 2.4%.
The small-cap Russell 2000 underperformed, falling 1.2%.
Meanwhile, the latest Iranian strikes and a sharp drop in U.S. crude inventories lifted oil for a third straight session.
West Texas Intermediate crude rose 2.5% to trade above $96 a barrel, while Brent climbed 2.0% toward $98, extending a third consecutive daily advance after government data showed U.S. crude inventories fell by roughly 8 million barrels last week, far more than expected.
Gold pulled back from recent strength, sliding 1.1% to about $4,440 an ounce as the stronger dollar and rising real yields sapped demand, dragging the SPDR Gold Shares (NYSE:GLD) lower. Silver fell 2.3%.
Bitcoin (CRYPTO: BTC) fell for the fourth straight session to $65,900, reaching lows last seen in late March.
Wednesday’s Performance In Major US Indices
Index
Last
% Change
S&P 500
7,567.66
-0.6%
Dow Jones
50,900
-0.8%
Nasdaq 100
30,513
-0.5%
Russell 2000
2,897.89
-1.2%
Updated by 12:15 PM ET
According to
