U.S. equities pulled back from record highs Friday as higher oil prices and a bond-market rout reignited fears of interest-rate hikes, sending Treasury yields sharply higher and igniting a broad-based de-risking that hit AI hyperscalers and small caps the hardest.

No concrete agreements emerged from this week’s summit between President Donald Trump and Chinese President Xi Jinping, leaving a U.S.–China diplomatic stalemate as an added drag on risk sentiment.

• State Street Energy Select Sector SPDR ETF stock is gaining positive traction. Why is XLE stock trading higher?

Meanwhile, the Strait of Hormuz remains closed with no imminent breakthrough on a U.S.–Iran deal, keeping a war-risk premium firmly embedded in energy markets.

Brent crude jumped 3.6% to $109.51, while the WTI benchmark soared to 4.4% to $105.60 a barrel. The 10-year Treasury yield surged roughly 10 basis points to 4.58%, its highest level in a year, while the 2-year climbed six basis points to 4.09%.

The 30-year yield jumped eight basis points to 5.12%. Traders are now fully priced out of a Federal Reserve rate cut for the remainder of 2026 and have begun discounting more than a 50% probability of an outright rate hike before year-end, with one full hike now fully priced into the curve by March 2027.

Across U.S. equity markets by midday Friday, losses were broad-based and concentrated in the high-momentum stocks.

The S&P 500 fell 1.1% to 7,420, slipping from Thursday’s all-time high. The Dow Jones Industrial Average shed 521 points, or 1%, to 49,542, with Boeing Co. (NYSE:BA) extending Thursday’s 5% plunge after Trump’s confirmation of a 200-jet Chinese order came in well below Wall Street’s 500-jet expectation.

The Nasdaq 100 fell 1.6% to 29,115, and the small-cap Russell 2000 was the day’s biggest loser, sliding 2.4%.

Intel Corp. (NASDAQ:INTC) was the worst-performing name in tech, down 7%, followed by Micron Technologies Inc. (NASDAQ:MU).

The Cboe Volatility Index — also known as the market’s fear gauge — climbed about 6.6% to 18.4

Within Magnificent Seven stocks, the carnage was led by Tesla Inc. (NASDAQ:TSLA), off 4.3%, and NVIDIA Corp. (NASDAQ:NVDA), down 3.5%, as profit-taking hit the AI infrastructure trade.

Precious metals were the day’s other casualty as a firming dollar and rising real yields triggered a violent unwind. Gold tumbled 2.6% to $4,532 an ounce, while silver collapsed 8.8% to $76, its largest single-day decline in months.

Friday’s Performance In Major U.S. Indices

Index	Last	% Change
S&P 500	7,420.24	-1.08%
Dow Jones	49,542	-1%
Nasdaq 100	29,115	-1.6%
Russell 2000	2,794.69	-2.39%

According to the Benzinga Pro platform:

• The Vanguard S&P 500 ETF (NYSE:VOO) fell 1.1%.
• The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) slid 1.0%.
• The Invesco QQQ Trust (NASDAQ:QQQ) dropped 1.6%.
• The iShares Russell 2000 ETF (NYSE:IWM) tumbled 2.4%.

Energy Roars, Metals Crater As Bond Rout Punishes Growth Bets

The Energy Select Sector SPDR Fund (NYSE:XLE) was the lone bright spot among the S&P 500 sectors, riding the surge in crude, up 1.7%.

On the losing side, the Technology Select Sector SPDR Fund (NYSE:XLK) and Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) led the slide, dragged by Tesla and the AI complex.

At the industry level, the energy theme was reinforced by a 3% rally in the SPDR S&P Oil & Gas Exploration & Production ETF (NYSE:XOP).

On the other side of the ledger, the VanEck Gold Miners ETF (NYSE:GDX) and VanEck Junior Gold Miners ETF (NYSE:GDXJ) sank over 6% in line with the metals crash.

Among the day’s standout gainers, SolarEdge Technologies Inc. (NASDAQ:SEDG) surged 17% after the solar-equipment maker reported first-quarter 2026 revenue of $310.5 million, up 46% year over year, and guided the second-quarter to $325-355 million with management projecting breakeven operating profit.

Globant S.A. (NYSE:GLOB) surged 13.4% after the IT-services firm posted first-quarter 2026 adjusted EPS of $1.50, a penny above the $1.49 consensus, with revenue of $607.1 million topping the $601.5 million estimate.

Figma Inc. (NYSE:FIG) rallied 10.7% after the design-software platform delivered first-quarter 2026 revenue of $333.4 million, up 46% year over year, with adjusted EPS of 10 cents, a 139% net dollar retention rate and a 54% jump in paying customers, prompting management to raise its full-year revenue guidance on accelerating AI adoption.

On the downside, Bullish (NYSE:BLSH) sank 9.3%, Circle Internet Group Inc. (NYSE:CRCL) tumbled 8.9% and Coinbase Global Inc. (NASDAQ:COIN) dropped 8.6% in tandem with Bitcoin (CRYPTO: BTC)‘s slide below $80,000, as the risk-off rotation triggered leveraged-position unwinds across the entire crypto-equity complex.

AngloGold Ashanti plc (NYSE:AU) plunged 9% in direct response to the precious-metals rout

Ford Motor Company (NYSE:F) slid 7.7% after a two-day rally north of 20%.

Friday’s Russell 1000 Top Gainers

Name	% change
Globant S.A.	+13.36%
HubSpot Inc. (NYSE:HUBS)	+8.54%
Atlassian Corporation (NASDAQ:TEAM)	+7.25%
Atlassian Corporation (NASDAQ:TEAM)	+6.90%
Doximity Inc. (NYSE:DOCS)	+6.88%

Friday’s Russell 1000 Top Losers

Name	% change
Bullish	-9.33%
AngloGold Ashanti plc	-9%
Circle Internet Group, Inc.	-8.86%
Coinbase Global, Inc.	-8.62%
Ford Motor Company	-7.70%

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