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%.
Tempus AI Inc. (NASDAQ:TEM) led the decline, falling 6.9%, followed by Hims & Hers Health Inc. (NYSE:HIMS), which dropped 5%, data from Benzinga Pro platform shows.
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.
Notable losers among the 20 movers with at least $10 billion market cap also included Palantir Technologies Inc. (NYSE:PLTR), Coinbase Global Inc. (NASDAQ:COIN) and Nvidia Corp. (NASDAQ:NVDA), with declines of 3.1%, 2.9% and 2.7%, respectively.
Semiconductor names also came under pressure, as ON Semiconductor Corp. (NASDAQ:ON) fell 2.8%, while Super Micro Computer Inc. (NASDAQ:SMCI) lost 3% during the hour-long selloff. Other high-beta tech stocks such as Credo Technology Group Holding Ltd. (NASDAQ:CRDO) and Mobileye Global Inc. (NASDAQ:MBLY) each dropped over 3%, reflecting broad-based risk aversion triggered by the Treasury market spike.
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.
| Name | Price | % Change |
|---|---|---|
| Tempus AI | $60.39 | -6.91% |
| Hims & Hers Health | $58.27 | -5.00% |
| CoreWeave | $104.33 | -4.44% |
| Strategy | $399.58 | -4.15% |
| Robinhood Markets | $64.11 | -3.73% |
| Aurora Innovation | $6.17 | -3.60% |
| Rocket Lab USA | $25.48 | -3.51% |
| Credo Technology Group | $60.98 | -3.24% |
| Mobileye Global | $15.88 | -3.23% |
| Astera Labs Inc. (NASDAQ:ALAB) | $92.15 | -3.21% |
| ServiceTitan Inc. (NASDAQ:TTAN) | $123.13 | -3.07% |
| Palantir Technologies | $122.40 | -3.05% |
| Super Micro Computer | $42.16 | -3.04% |
| Estee Lauder Cos Inc. (NYSE:EL) | $64.11 | -2.96% |
| Coinbase Global Inc. (NASDAQ:COIN) | $260.26 | -2.92% |
| Toll Brothers Inc. (NYSE:TOL) | $103.95 | -2.89% |
| ON Semiconductor | $44.03 | -2.82% |
| Summit Therapeutics | $25.59 | -2.69% |
| Nvidia Corp. | $133.27 | -2.69% |
| Kinsale Capital Group Inc. (NYSE:KNSL) | $460.03 | -2.64% |
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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