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S&P 500 barely moved while 10‑year Treasury yields ticked up to 4.28% and the dollar fell to a three‑year low, signaling market fatigue amid trade‑policy
The S&P 500 finished virtually unchanged as of 4 p.m. New York time, hovering just a few points shy of its all‑time high, while the 10‑year Treasury yield rose a basis point to 4.28% and the Bloomberg Dollar Spot Index slipped 0.2%【1】.
| At a glance | |
|---|---|
| S&P 500 | Little changed |
| Nasdaq 100 | +0.2% |
| Dow Jones | –0.2% |
| 10‑yr Treasury yield | 4.28% (up 1 bp) |
| Dollar index | –0.2% |
| WTI crude | $65.22 (+1.3%) |
The modest equity movement came after a five‑day rally that pushed the S&P 500 to a series of record highs. Traders were watching Fed Chair Jerome Powell’s testimony, where he cited tariff uncertainty as a factor slowing the Fed’s rate‑cut timetable. Analysts linked the pause on cuts to trade‑policy risk rather than underlying economic strength, projecting one to two cuts only in 2025【1】.
At the same time, longer‑term Treasury bonds underperformed, with the yield gap between 30‑year and five‑year notes near 2021 levels, a spread often interpreted as a bet on eventual rate cuts but also reflecting concerns over rising debt issuance【1】. The dollar’s three‑year low added pressure to commodities, helping oil rebound 1.3% to $65.22 a barrel after a steep two‑day fall earlier in the week【1】.
Technology led the upside, with the Nasdaq 100 edging higher and Nvidia posting a record price, while Micron’s upbeat forecast lifted sentiment in after‑hours trading【1】. By contrast, the Russell 2000 slipped 1.2%, underscoring the divergence between large‑cap tech and smaller‑cap stocks【1】.
Market participants expressed mixed views on the rally’s durability. A senior Goldman Sachs trader warned that short‑seller cover‑driven gains in lower‑quality stocks could reverse, while Miller Tabak’s Matt Maley suggested a short‑term pause need not spark broader nervousness【1】. JPMorgan strategists, however, remained bullish on a fresh record, citing AI‑driven fundamentals and systematic inflows as support【1】.
The S&P 500’s near‑flat close highlights a market at a crossroads: strong earnings and AI momentum contend with trade‑policy risk and rising yields, leaving investors to gauge whether the rally can sustain its momentum or give way to a corrective pause.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jun 25, 2026 · How we report
According to MarketWatch, 302 S&P 500 stocks were trading higher.
Declines among large‑cap technology companies acted as a drag on the index.
The index gained 0.5% that day.
Investing.com described the S&P 500 and Nasdaq as dropping, with tech megacap declines outweighing an upbeat Micron forecast.
Some companies have multiple share classes, resulting in more than 500 stocks being counted.