A sharp jump in Treasury yields following Wednesday's weak 20-year bond auction triggered a swift market reaction, with several high-growth and tech names plunging between 1:05 p.m. and 2:05 p.m. ET—the exact window 30-year yields spiked above 5.08%.
AI infrastructure firm CoreWeave Inc. (NASDAQ:CRWV) slid 4.4%, while Bitcoin-linked Strategy Inc. (NASDAQ:MSTR) tumbled 4.3%.
Trading platform Robinhood Markets Inc. (NASDAQ:HOOD) lost 3.7%.
The selloff came as investors repriced risk across equities amid fears of persistently higher rates, sparked by soft demand at the 20-year Treasury auction.
The bid-to-cover ratio of 2.46 landed near the bottom quartile of the past 50 auctions, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT), sliding to a 19-month low.
The weakness extended into biotech and aerospace sectors as well, with Summit Therapeutics Inc. (NASDAQ:SMMT) and Rocket Lab USA Inc. (NASDAQ:RKLB) down 2.7% and 3.5%, respectively.
Wall Street Extend Lows
The S&P 500 Index, tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), deepened losses, falling 1.3% by 2:17 p.m. ET, while small caps were hit harder, with the Russell 2000 plunging 2.4%.
All S&P 500 sectors traded in negative territory, led by real estate, which dropped 2.7% under pressure from rising yields.
Gold miners, tracked by the VanEck Gold Miners ETF (NYSE:GDX), were the only industry group holding gains, supported by a rise in bullion prices as investors sought safety amid Treasury volatility.
The clean energy industry was the day's worst performer, with the Invesco WilderHill Clean Energy ETF (NYSE:PBW) sliding 3.4%.
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