S&P 500 Drops 1% as 30-Year Yield Tops 5.1% After Trump-Xi Summit
Updated
Updated · CNBC · May 14
S&P 500 Drops 1% as 30-Year Yield Tops 5.1% After Trump-Xi Summit
8 articles · Updated · CNBC · May 14
The Dow fell 515 points, the S&P 500 lost 1% and the Nasdaq slid 1.3% as traders sold stocks after the Trump-Xi summit ended without major policy breakthroughs.
Tech led the retreat as investors took profits after a sharp AI-driven run; Intel dropped 6%, Micron 5%, AMD 3% and Nvidia 3%, while newly listed Cerebras fell 4% after Thursday’s 68% surge.
Treasury yields added pressure, with the 30-year yield topping 5.1%—its highest since 2025—after this week’s inflation data firmed and oil stayed elevated.
Oil rose again, with WTI at $104 and Brent at $109, after Trump warned Iran he would not be "much more patient" and said Tehran "should make a deal."
The pullback hit a market that had just reached fresh highs, with the S&P 500 above 7,500 and the Dow back over 50,000, underscoring worries that the rally remains too dependent on a handful of big tech names.
With markets now so dependent on tech giants, could a deeper correction spark a broader economic downturn—or is this just a temporary blip?
How might surging oil prices and persistent inflation reshape global economic power and everyday life if the Middle East conflict drags on?