US equity indices slipped from record highs as renewed concern over elevated bond yields moved back into focus, threatening earnings expectations in credit‑sensitive sectors. The S&P 500 and Nasdaq 100 each retreated 0.3% from their recent peaks, while the Dow declined 0.6%. Oil prices gave back early gains, and long‑dated Treasury yields eased following a strong 10‑year note auction. Even so, financial conditions remained tight, and FOMC members were in broad agreement that interest rates must stay higher for longer to bring inflation under control, according to the latest meeting minutes.
AI infrastructure stocks surrendered their advances from earlier in the week as rising yields and wider credit spreads began to weigh on order activity. Micron, AMD, Oracle, Lam Research, and Applied Materials fell as much as 2%. That pullback came despite supportive sector news, with SpaceX reportedly planning to borrow $40 billion to purchase Nvidia chips. Nvidia shares slipped 1%, and SpaceX declined 3%. In contrast, pharmaceutical and consumer staples names traded higher.
