Wall Street's record-breaking run hit a speed bump Wednesday. The S&P 500 and Nasdaq 100 both retreated from all-time highs at midday, as a batch of hot economic data and a surge in Treasury yields revived the ghost of rate hikes past.

The S&P 500 was down 0.6% to around 7,568, putting its nine-session winning streak in jeopardy. A late-day rebound could stretch the run to 10 days—the longest since 1995. The Nasdaq 100 dipped 0.5% to about 30,513, while the Dow Jones Industrial Average fell 0.8% to 50,900. Small caps fared worse: the Russell 2000 dropped 1.2%.

Treasuries Sell Off as Data Heats Up

The bond market took the brunt of the economic news. The yield on the 10-year note climbed about 6 basis points to 4.50%, the 2-year rose to 4.10%, and the 30-year held at 5.00%.

The move followed ADP data showing the private sector added 122,000 jobs in May—above forecasts and the strongest reading since January 2025. The ISM Services index came in at 54.5, also beating expectations, and factory orders jumped 4.8%.

For markets, that's a recipe for higher-for-longer interest rates. And for the mega-cap growth stocks that have led this rally, higher yields are kryptonite.

Magnificent Seven Hit, Software Rout Deepens

Within the Magnificent Seven, the pain was concentrated in the biggest names. Microsoft (MSFT) fell 3.4%, Nvidia (NVDA) dropped 3.0%, and Amazon (AMZN) lost 2.4%. The broader tech sector wasn't spared: the Technology Select Sector SPDR Fund (XLK) slid 1.0%, and the iShares Expanded Tech-Software Sector ETF (IGV) tumbled 4.1%—the worst industry showing of the day.

One notable exception: Marvell Technology (MRVL) bucked the tech weakness, surging 5% to extend its prior-session rally. The catalyst? Nvidia CEO Jensen Huang said the chipmaker could become the next trillion-dollar company. Marvell has now rallied over 50% in the past three sessions, on pace for its strongest rally since October 2001.

Energy Leads as Oil Reclaims $96

While tech struggled, energy stocks were the standout winners. The Energy Select Sector SPDR Fund (XLE) climbed 2.1% as crude extended its rally. West Texas Intermediate crude rose 2.5% to trade above $96 a barrel, while Brent climbed 2.0% toward $98. That's a third consecutive daily advance, fueled by Iranian strikes and government data showing U.S. crude inventories fell by roughly 8 million barrels last week—far more than expected.

The energy strength was most pronounced in the SPDR S&P Oil & Gas Exploration & Production ETF (XOP), up 2.2%, and the VanEck Oil Services ETF (OIH), up 1.2%.

Financials and communication services also lagged. The Financial Select Sector SPDR Fund (XLF) fell 1.5%, and the Communication Services Select Sector SPDR Fund (XLC) dropped 1.5%. Regional banks were hit hard: the SPDR S&P Regional Banking ETF (KRE) fell 2.0%.

Gold Slips, Bitcoin Extends Slide

Precious metals pulled back as the stronger dollar and rising real yields sapped demand. Gold slid 1.1% to about $4,440 an ounce, dragging the SPDR Gold Shares (GLD) lower. Silver fell 2.3%. Mining stocks followed: the VanEck Gold Miners ETF (GDX) dropped 2.7%, and the SPDR S&P Metals & Mining ETF (XME) fell 2.6%.

Bitcoin (BTC) fell for the fourth straight session to $65,900, reaching lows last seen in late March.

Wednesday's Russell 1000 Top Gainers

Despite the broader market weakness, a few names stood out on the upside:

• GameStop (GME) jumped 7.2% after the company approved a new $2.0 billion share buyback and submitted a non-binding bid to acquire eBay at $125 per share, on the heels of a record-profit first quarter.
• Acadia Healthcare (ACHC) rose 7.1% on a wave of analyst upgrades. Jefferies moved to Buy with a $30 target, Raymond James lifted the stock to Strong Buy with a $39 target, and Guggenheim raised its target to $31 on stronger first-quarter volumes.
• Texas Pacific Land (TPL) climbed 6.9%, riding the surge in crude.
• Versigent PLC (VGNT) gained 6.2%.
• CarMax (KMX) advanced 6.2%.

Wednesday's Russell 1000 Top Losers

On the downside, the pain was concentrated in fintech, software, and high-beta names:

• Global Payments (GPN) sank 12.6%, extending a recent downtrend tied to deal concerns and broad fintech weakness.
• ZoomInfo Technologies (GTM) dropped 11.4%, deepening its post-earnings collapse after the company slashed full-year 2026 revenue guidance and cut 20% of staff in May, prompting downgrades from Jefferies and Stifel to Hold with $4 targets, and price-target cuts from RBC and Morgan Stanley.
• Aurora Innovation (AUR) fell 9.9% as rising Treasury yields hit high-beta, pre-revenue names hardest. No fresh company news, but renewed concern over cash burn and execution risk around its 2026 driverless launch weighed.
• BILL Holdings (BILL) slid 8.3%, caught in the broad software and fintech sell-off.
• AST SpaceMobile (ASTS) dropped 7.9%, giving back part of a roughly 54% surge over the past month as traders took profits ahead of its mid-June satellite launches.

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