Stock Market Today: Major Indexes Sink as Oil Prices Surge, Treasury Yields Hit Highest Level in Year; Chip Stocks Lead Declines

Major U.S. stock indexes fell in early Friday trading as oil prices and Treasury yields rose sharply. The Nasdaq Composite dropped 1.2%, the S&P 500 declined 0.8%, and the Dow Jones Industrial Average fell 0.8%. Chip stocks led the downturn, with Arm Holdings down 7%, Intel off 5.5%, and Micron losing 5%. Oil prices surged after President Donald Trump stated in a *Fox News* interview that China had agreed to purchase U.S. oil, citing an 'insatiable appetite for energy.' West Texas Intermediate futures rose 2.5% to $103.65 per barrel, while Brent crude advanced 2.2% to $108.05. China has not confirmed the reported purchases. The 10-year Treasury yield climbed to 4.57%, its highest level since May, impacting mortgage and loan rates. Meanwhile, gold futures fell 2.6% to $4,565 an ounce, and Bitcoin dropped to around $79,100 from overnight highs near $81,600. Investors also watched as Kevin Warsh was sworn in as the new Federal Reserve Chair, succeeding Jerome Powell. The Fed remains divided over interest rate policies. Most Magnificent Seven tech stocks declined, with Nvidia and Tesla each down about 4%, while Microsoft rose 2.5% after Bill Ackman’s Pershing Square disclosed a new stake in the company. The market had previously closed near record highs, with the Dow surpassing 50,000 and the S&P 500 crossing 7,500. However, the recent pullback followed a week of gains, as traders reacted to rising yields and energy prices.