Market Overview

Rising Treasury yields weighed on U.S. stocks, with $Dow Jones Industrial Average(.DJI.US)$ dropping over 1% to a four-week low, and $Nasdaq Composite Index(.IXIC.US)$ and chip stock indices falling from record highs. $NVIDIA(NVDA.US)$ initially fell more than 2% before rebounding to new highs. $American Airlines(AAL.US)$ dropped about 16% intraday, marking its biggest decline in nearly four years, while $Marathon Oil(MRO.US)$ rose over 8%. $Salesforce(CRM.US)$ 's after-hours earnings report caused a near 20% drop. The pan-European index fell over 1%, hitting a six-week low, with Anglo American down over 3%.

German CPI accelerated, pushing the 10-year German bund yield up by 10 basis points. The 10-year U.S. Treasury yield hit a four-week high, and the 2-year U.S. Treasury yield neared 5.0%, also reaching a four-week high. The U.S. Dollar Index hit a two-week high, while the yen reached a four-week low.

Brent crude's two-day rally ended, falling from its monthly high. Gold declined towards a two-week low. LME aluminum rose over 1% to a near two-year high, while LME copper fell. $Crude Oil Futures(AUG4)(CLmain.US)$ $Brent Last Day Financial Futures(SEP4)(BZmain.US)$