[New York Stocks] Treasury yield rebound ends run of record highs; SOXL falls 3.3%
- Input
- 2026-10-08 05:21:17
- Updated
- 2026-10-08 05:21:17
The New York stock market’s run of record highs ended on the 7th (local time). U.S. Treasury yields surged early, weighing on investor sentiment. Profit-taking after the market’s gains so far also appeared to fuel the downward trend.
The Nasdaq Composite’s run of record highs ended after three days, while the S&P 500’s ended after one day.
Nvidia also ended its run of record highs after five days. Micron, by contrast, surged more than 4%.
Across-the-board declines
The three major indexes fell across the board amid the shock of a rebound in Treasury yields.
The Dow Jones Industrial Average closed down 341.41 points (0.66%) at 51,179.87.
The S&P 500 ended down 17.16 points (0.22%) at 7,801.77, while the Nasdaq fell 61.20 points (0.22%) to 27,538.69.
The Nasdaq 100, comprising 100 large-cap technology stocks, fell 64.61 points (0.21%) to 31,160.78. TQQQ, a leveraged exchange-traded fund (ETF) that tracks three times the index’s daily moves, closed down $0.63 (0.75%) at $83.62.
Semiconductor stocks weaken
Semiconductor stocks were mostly weaker.
Chip leader Nvidia closed down $1.77 (0.74%) at $237.47, ending its run of record highs after five days. AMD slipped $3.56 (0.55%) to $645.86, while Qualcomm fell $3.91 (2.16%) to $177.12.
SK Hynix’s American depositary receipts (ADRs) ended trading down $4.31 (2.36%) at $178.25.
Some stocks rose, including Micron, which surged $42.44 (4.06%) to $1,088.00, and Intel, which gained $0.62 (0.55%) to $113.12, but the overall trend was weak.
The Philadelphia Semiconductor Index (SOX) closed down 151.67 points (1.15%) at 13,066.15.
SOXL, a leveraged semiconductor ETF that tracks three times the daily share-price moves of 30 major semiconductor stocks, including Nvidia, plunged $5.39 (3.28%) to $158.87.
Tesla and SpaceX fall together
Elon Musk’s Tesla and SpaceX both fell.
Tesla fell $2.87 (0.75%) to $377.81, while SpaceX slid $4.32 (2.51%) to $167.60.
Big Tech, however, generally fared well.
Alphabet Inc. rose $2.82 (0.81%) to $350.50, while Apple Inc. gained $3.04 (0.91%) to close at $336.67.
Microsoft (MS) edged up $0.46 (0.09%) to close slightly higher at $529.76, while Palantir ended the session up $2.05 (1.07%) at $194.12.
[email protected] Song Gyeong-jae Reporter