Key Moments
- The S&P 500 declined -0.07% and recorded its weakest two-day stretch since March, down -1.31% from Thursday’s record high.
- Tech names lagged, with the Magnificent 7 off -0.64% and the NASDAQ lower by -0.51%, while the equal-weighted S&P 500 advanced +0.58%.
- Trump’s post that he called off planned new strikes against Iran coincided with a late-session recovery in the S&P 500 as 10yr Treasury yields steadied after touching 4.63%.
Index Retreats From Peak as Geopolitics and Rates Weigh
Deutsche Bank’s Jim Reid highlighted that the S&P 500 edged lower, even as it pared a deeper intraday decline following a post from Trump that he had halted planned strikes on Iran. Despite the modest close, the index still marked its most challenging two-session stretch since March, retreating -1.31% from Thursday’s record high.
Reid noted that the session saw 10yr Treasury yields ease after earlier touching 4.63%, which he described as their highest level in more than a year. The stabilization in yields came alongside the equity market’s late-session recovery.
Late Rebound Limits Losses
According to Reid, “Trump’s post that he called off planned new strikes against Iran helping the S&P 500 (-0.07%) erase most of its intra-day decline towards the end of the session, while 10yr Treasury yields stabilised after touching their highest level in over a year at 4.63%.”
He added that “The S&P 500 (-0.07%) ended the day with a marginal decline, with Trump’s post helping it recover from -0.75% down an hour before the close.”
Tech and Mega-Caps Underperform
Reid pointed out that the softness in the broader index was more pronounced within the technology complex. “After its sharp decline last Friday, the S&P still posted its worst two-day performance since March, albeit only down -1.31% in that period from Thursday’s record high.”
He underscored that “Tech stocks took a larger hit, with the Magnificent 7 (-0.64%) and the NASDAQ (-0.51%) seeing a more material pullback.”
Broader Market Shows Resilience
Despite the pressure on large-cap tech names, Reid emphasized that underlying market breadth appeared healthier. “But the broader mood was more positive, with the equal-weighted S&P 500 rising by +0.58%.”
This divergence suggested that while headline indices cooled from recent peaks, a wider set of stocks outside the dominant mega-cap cohort continued to attract support.
Key Index Moves
| Index / Group | Move | Comment |
|---|---|---|
| S&P 500 | -0.07% | Recovered from an earlier -0.75% intraday decline; worst two-day stretch since March, down -1.31% from Thursday’s record high |
| Magnificent 7 | -0.64% | Underperformed broader market |
| NASDAQ | -0.51% | Experienced a more notable pullback alongside tech weakness |
| Equal-weighted S&P 500 | +0.58% | Indicated more constructive breadth beneath the index level |
| 10yr Treasury yield | Touched 4.63% | Reached highest level in over a year before stabilizing |
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
