Nasdaq Drops 1% as Surging Yields Hit Tech Stocks Hardest

U.S. stocks traded mostly lower on May 19 as the 10-year Treasury yield climbed 5.4 basis points to 4.677%, intensifying pressure on growth names. The Nasdaq fell 269 points or 1% to 25,821.67 after Nasdaq 100 futures had already slipped 0.39% to 28,882.59 in premarket trading. Weakness broadened from semiconductors, with NVIDIA falling 1.33% to $222.32 ahead of its post-close earnings report, while the S&P 500 and Dow posted smaller declines of 0.7% and 0.4% respectively. Profit-taking and stretched AI positioning added to the risk-off tone amid concerns that higher yields could keep rates elevated longer.