Oracle Stock Selloff Drags Nasdaq Triple Digits
Schaeffers·
- Major US stock indexes fell at midday, driven by a steep 4.5% decline in Oracle shares following a force majeure declaration for its New Mexico data center and surging Treasury yields.
- The 30-year Treasury yield reached a 22-year peak of 5.44%, while the 10-year yield hit a nine-year high amid investor monitoring of potential October interest rate hikes.
- The Nasdaq Composite Index dropped 202 points, while the Dow Jones Industrial Average and S&P 500 also traded notably lower alongside broader tech sector declines.