Stock market dropped due to bond sell-off after planned tax cut bill, impacting Apple.

From Nasdaq: 2025-05-21 17:59:00

The stock market took a hit mid-day, with major indexes closing in the red. The Dow dropped 816 points, S&P 500 down 95 points, Nasdaq down 270 points, and Russell 2000 down 55 points. Bonds sold off due to a planned U.S. tax cut bill, leading to rising Treasury yields. Meanwhile, Jony Ive’s AI startup io was acquired by OpenAI for $6.4 billion, impacting Apple stock.

After the closing bell, Urban Outfitters beat Q1 earnings expectations, with earnings of $1.16 per share and revenues of $1.33 billion. Snowflake also surpassed estimates, with earnings of 24 cents per share and revenues of $1.04 billion. Zoom Communications outperformed with earnings of $1.43 per share and revenues of $1.17 billion.

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Read more at Nasdaq: Markets Slide on Bond Option; Q1 Earnings After the Close