STOCKS | Chipmakers Drag Shares Lower as 10-Year Yield Reaches 5%

Chipmakers led a stock selloff after leaders of artificial-intelligence companies called for a slowdown in development, while a rally in oil pushed the Treasury 10-year yield to 5%, according to Bloomberg. Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, gave her equity call amid the chip rout and energy-price concerns.