Pre-Market Report – Wednesday 20 May: US markets retreat as bond yields head higher | SPI down 39

US equities extended their decline on Tuesday as a continued selloff in US Treasuries, driven by inflation concerns tied to the war in the Middle East, pressured investor sentiment. The S&P 500 finished 0.7% lower, the Nasdaq closed down 0.8% while The Dow shed more than 300 points, or 0.6%. AI infrastructure companies continued their correction after soaring this month, previously supported by bumper earnings and ambitious guidance. Speculative long positions propelled AI infrastructure stocks higher in the period, prompting a pullback in risk sentiment and a cautious outlook by Seagate to spark a sharp pullback. Seagate sank 10% so far this week. Hyperscalers also fell with Amazon, Tesla, and Meta dropping up to 2% on Tuesday. Meanwhile, Dominion energy sustained its surge from the previous session and NextEra Energy bounced from sharp losses following NextEra's $67 billion acquisition of the former, the largest ever in the power sector.

SPI down 39 - Resources under pressure - JHX results - Nvidia in focus

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