Stocks slip as oil stays firm and long yields push higher; tech leads the retreat

U.S. stocks finished lower—pressure heaviest on the S&P 500 and Nasdaq while the Dow edged down—as crude stayed elevated and long‑end Treasury yields hovered near cycle highs amid a stalled U.S.–Iran truce; softer housing data added to the caution.

Key Headlines & Market Movers

Rates and oil reassert pressure: The expiration of a temporary U.S.–Iran ceasefire kept a bid under crude, with WTI near the mid‑$80s and Brent around $91. Long bonds pushed toward two‑decade highs, reviving a ‘higher‑for‑longer’ worry that tends to compress equity risk appetite. Energy names drew support while broader cyclicals wobbled on the mix of geopolitics and tighter financial conditions.

Chips and megacap growth take the brunt: Semiconductors led the decline as investors rotated away from the most rate‑sensitive corners; several memory and equipment names fell sharply, and Nvidia slipped. The tape reflected higher real yields pressuring long‑duration growth. By contrast, energy infrastructure outperformed after Targa secured long‑term agreements with ExxonMobil.

Housing cools, retail resists: July pending home sales fell again, highlighting a market still contending with higher borrowing costs. Home Depot’s results topped estimates, offering a counterpoint to the softer housing prints even as investors stayed selective.

S&P 500 Sector Performance

Focus now shifts to the Fed’s July meeting minutes on Wednesday and a run of big‑box retail results; the path of long yields and crude will set the backdrop—if both keep grinding higher, expect continued pressure on growth pockets and relative support for energy.

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