Nasdaq-100 Slides as Trump Leaves Beijing With a Boeing Order and Yields at a One-Year High

The Beijing Disappointment

Trump flew out of Beijing on Friday after more than 40 hours on the ground, and the only major business announcement was a Boeing order. No Nvidia chip-export concession. No farm-goods specifics beyond a vague agreement to sell. No joint mechanism on the Iran war. The two governments released readouts that barely overlapped, with Beijing warning Washington off Taiwan and calling the US-Israel campaign against Iran something that should never have started.

Euronews framed the trip plainly: an underwhelming outcome that brought Trump back to reality. After a week where the index was already wobbling on a hotter-than-expected April CPI/PPI combo, the summit was supposed to give the bid something to lean on — China demand, chip exports, an off-ramp on the war. It didn't deliver any of the three, and the tape priced the gap.

Yields and Oil Snap Back

The bond market did most of the damage. The 10-year Treasury yield jumped roughly 14 basis points to about 4.59%, the highest in a year, and the 30-year topped 5.1% for the first time in nearly a year. The setup is straightforward: an Iran war that won't end keeps oil bid — crude added another $3 to $104.24 on Friday — and that oil bid keeps feeding the same inflation prints that wrecked the tape Tuesday.

That combination is poison for the duration trade that the Nasdaq-100 effectively is. December rate-hike odds are no longer a fringe bet, and a yield curve repricing higher real rates is exactly what the long-multiple end of the index can't absorb without giving back.

Chips Lead the Drawdown Again

The same names that carried the May bounce ran it back the other way. Nvidia dropped 4.4%, AMD 5.7%, Micron 6.6%, and Intel more than 6% as the summit closed without the chip-export language the bulls wanted. With no Nvidia-to-China clearance and yields at a one-year high, the narrow chip-led rally that analysts were already calling unsustainable didn't have a story to tell on Friday.

Breadth confirmed it. The Russell 2000 fell 2.60%, worse than the Nasdaq-100's 1.6% slide, which is the usual shape of a yields-up, growth-down session rather than a clean tech-specific drawdown. On Hyperliquid the XYZ100 perp tracked the cash tape, sliding about 1.85% over 22 hours to around $29,080 on $465M of 24h volume — a clean catalyst day for a market that has spent two weeks chopping on macro headlines.