[New York Stock Market] Stocks fall for a second straight day as Treasury yields top 5% and oil prices surge; semiconductor shares rebound

[Financial News]  

The New York stock market extended its decline for a second straight day on the 15th (local time).
The yield on the U.S. 10-year Treasury note soared to as high as 5.041%, reaching its highest level since the 2007 subprime mortgage crisis. The resulting turmoil in the bond market dampened investor sentiment.
International oil prices also surged after Saudi Arabia announced that it would halt oil exports by closing its east-west pipeline, weighing on stocks.
However, losses were limited as investors moved cautiously while awaiting the outcome of the Federal Reserve System (Fed)’s two-day Federal Open Market Committee (FOMC) meeting, which began that day.

The Dow Jones Industrial Average (DJIA) fell 328.09 points, or 0.63%, from the previous session to close at 52,093.11. The Standard & Poor’s 500 Index (S&P 500) dropped 34.25 points, or 0.45%, to 7,585.73, while the Nasdaq finished down 204.84 points, or 0.78%, at 25,981.57.
The Nasdaq-100, comprising 100 large technology stocks, ended trading down 189.32 points, or 0.65%, at 28,937.84.
The Chicago Board Options Exchange (Cboe) volatility index (VIX), known as Wall Street’s “fear gauge,” rose 0.40 points, or 2.34%, to 17.50.

Semiconductor stocks, which had plunged the previous day, rebounded after just one session on bargain hunting.
NVIDIA rose $1.21, or 0.57%, to close at $212.17, while Micron gained $3.57, or 0.39%, to finish at $927.60.
The Philadelphia Semiconductor Index (SOX) closed up 44.27 points, or 0.40%, at 11,175.55.
The Direxion Daily Semiconductor Bull 3X Shares (SOXL), an exchange-traded fund that tracks three times the daily movement of the Philadelphia Semiconductor Index, closed up $1.21, or 1.19%, at $102.34, recovering from a 17% plunge the previous day.

Big tech stocks were generally weaker.
Alphabet fell $4.41, or 1.26%, to $344.98, while Apple declined $1.74, or 0.52%, to $331.34.
Tesla slipped $2.39, or 0.67%, to $356.58, while SpaceX plunged $4.66, or 3.15%, to $143.39.
Palantir Technologies also ended the session down $0.75, or 0.43%, at $172.56.

[email protected] Song Kyung-jae Reporter