A sharp jump in Treasury yields following Wednesday's weak 20-year bond auction triggered a swift market reaction

A sharp jump in Treasury yields following Wednesday's weak 20-year bond auction triggered a swift market reaction, with several high-growth and tech names plunging

A sharp jump in Treasury yields following Wednesday's weak 20-year bond auction triggered a swift market reaction, with several high-growth and tech names plunging between 1:05 p.m. and 2:05 p.m. ET—the exact window 30-year yields spiked above 5.08%.

Tempus AI Inc (NASDAQ:TEM) led the decline, falling 6.9%, followed by Hims & Hers Health Inc (NASDAQ:HIMS), which dropped 5%, data from the Benzinga Pro platform showed.

Trading platform Robinhood Markets Inc (NASDAQ:HOOD) lost 3.7%.

The selloff came as investors repriced risk across equities amid fears of persistently higher rates, sparked by soft demand at the 20-year Treasury auction.

The bid-to-cover ratio of 2.46 landed near the bottom quartile of the past 50 auctions, with the iShares 20+ Year Treasury Bond ETF (NYSE:TLT), sliding to a 19-month low.

Notable losers among the 20 movers with at least $10 billion market cap also included Palantir Technologies Inc (NYSE:PLTR), Coinbase Global Inc (NASDAQ:COIN) and Nvidia Corp (NASDAQ:NVDA), with declines of 3.1%, 2.9% and 2.7%, respectively.

Semiconductor names also came under pressure, as ON Semiconductor Corp (NASDAQ:ONC) fell 2.8%, while Super Micro Computer Inc (NASDAQ:SMCI) lost 3% during the hour-long selloff. Other high-beta tech stocks such as Credo Technology Group Holding Ltd (NASDAQ:CRDO) and Mobileye Global Inc (NYSE:MBLY) each dropped over 3%, reflecting broad-based risk aversion triggered by the Treasury market spike.

The weakness extended into biotech and aerospace sectors as well, with Summit Therapeutics Inc (NASDAQ:SMMT) and Rocket Lab USA Inc (NASDAQ:RKLB) down 2.7% and 3.5%, respectively.

The S&P 500 Index, tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), deepened losses, falling 1.3% by 2:17 p.m. ET, while small caps were hit harder, with the Russell 2000 plunging 2.4%.

All S&P 500 sectors traded in negative territory, led by real estate, which dropped 2.7% under pressure from rising yields.

Gold miners, tracked by the VanEck Gold Miners ETF (NYSE:GDX), were the only industry group holding gains, supported by a rise in bullion prices as investors sought safety amid Treasury volatility.

The clean energy industry was the day's worst performer, with the Invesco WilderHill Clean Energy ETF (NYSE:PBW) sliding 3.4%.