S&P 500 Slides to 6723 as Investors Reassess AI Rally and Bond Yields Rise

Investor concerns that the recent surge of interest in artificial intelligence (AI) might be short-lived were largely dispelled by Nvidia Corp. CEO Jensen Huang. He confirmed exceptionally strong demand for next-generation AI-based processors from cloud providers — a trend that drove the company’s quarterly revenue to a record $57.0 billion, beating preliminary projections of $54.89 billion. Earnings per share also exceeded expectations, coming in at $1.30 versus the estimated $1.25. Huang’s upbeat tone, supported by robust financial results, effectively neutralized earlier market pessimism about the company’s growth prospects, allowing the S&P 500 to regain momentum.

The U.S. Treasury market is also showing upward movement: the yield on 10-year government bonds has risen from 4.116% earlier this week to 4.140%, the 20-year yield moved from 4.704% to 4.724%, and the 30-year yield increased from 4.739% to 4.754%.

Among the top gainers are Amentum Holdings Inc. (+17.12%), GE Vernova Inc. (+7.29%), Constellation Energy Corp. (+5.34%), and Applied Materials Inc. (+4.45%).

Among the biggest decliners are Eversource Energy (–12.45%), Archer-Daniels-Midland Co. (–4.59%), and Aptiv Plc. (–4.50%).

Support and Resistance Levels

The index remains within a broader upward trend, attempting a new upward move while staying inside the 7200.0–6600.0 channel.

Technical indicators are showing a mixed and unstable sell signal, which has weakened amid the current correction: the fast EMAs of the Alligator indicator remain below the signal line, while the AO histogram in the sell zone is forming corrective bars.

Support levels: 6610.0, 6360.0.

Resistance levels: 6840.0, 7100.0.

S&P 500 Trading Scenarios and Outlook

If the decline continues and the price firmly breaks below the 6610.0 support level, short positions toward 6360.0 become relevant. Stop-loss: 6700.0. Expected timeframe: 7+ days.

If the price resumes growth and consolidates above the 6840.0 resistance, long positions toward 7100.0 become relevant. Stop-loss: 6750.0.