U.S. markets suffered a broad-based sell-off on Tuesday as equities, bonds and the dollar each moved in ways that compounded investor losses. The Dow Jones Industrial Average fell 1.76%, the S&P 500 plunged 2.06%—its largest one-day drop since last October—and the Nasdaq Composite slid 2.39%, driven by pronounced weakness across technology names.
The rout hit mega-cap tech stocks especially hard. Oracle and Broadcom each tumbled more than 5%, while Nvidia declined over 4%, erasing roughly $195.6 billion of market value in a single session. Amazon and Apple also fell more than 3%, underscoring a broad reassessment of richly valued growth stocks after months of strong performance.
The moves were accompanied by a rise in U.S. Treasury yields and an unusual retreat in the dollar. The 10-year Treasury yield rose 6.76 basis points to 4.2906%, pressuring bond prices and weighing on rate-sensitive equities. At the same time the dollar index briefly plunged more than 0.7% to a low of 98.25, while COMEX gold futures surged 3.70% to a reported historical high of $4,766.31 as investors sought safety.
Taken together, the “stock-bond-currency” triple shock signals a shift in investor positioning: risk assets sold off, real yields rose, and safe-haven demand flowed into gold even as the dollar weakened. Market moves of this type typically reflect a mix of profit-taking, changing expectations about central-bank policy and renewed concerns about economic growth or geopolitical risk that prompt rapid portfolio rebalancing.
For global markets the episode matters because large-cap U.S. tech firms are central to valuations across equity indices and passive funds. A sharp reassessment in those names can quickly spill over into markets worldwide, raising volatility and testing the resilience of leveraged strategies. Rising bond yields also impose a heavier discount on future earnings, particularly for companies whose valuations depend on long-term growth expectations.
Investors will be watching forthcoming economic data and central-bank signals closely. If yields continue to climb, pressure on growth stocks could persist and trigger further reallocations into commodities and alternative havens. Conversely, a resumption of dollar strength would complicate the outlook for emerging markets and commodity exporters that have benefited from a weaker dollar earlier in the quarter.