S&P 500 Retreats from Record as Yields Hit 4.6% Multi-Month High

The S&P 500 slipped 0.7-0.9% on May 15 from its May 13 record close of 7,444.25, with the Nasdaq also retreating as 10-year Treasury yields surged to 4.6% and oil jumped 3% above $100/bbl. The index had rallied 14.5% from late-March lows, driven by AI chip strength—AMD Q1 revenue +38%, semis 22% S&P weight, Nvidia records—and 83% earnings beats, defying hot CPI/PPI, Middle East tensions, and profit-taking on May 12. Narrow breadth (52% stocks above 50-day MAs) and Fed chair transition to Kevin Warsh add caution ahead of Trump-Xi summit.