Wall Street falls as Treasury yields and oil prices rise
Wall Street closed lower on Wednesday as rising US Treasury yields and higher oil prices weighed on investor sentiment.
The S&P 500 fell 0.75%, while the tech-heavy Nasdaq Composite dropped 1.13% and the Dow Jones Industrial Average lost 0.68%.
Listen to this article
Alphabet, Amazon and travel shares were among the biggest fallers.
US government bond yields climbed sharply, with the benchmark 10-year Treasury yield reaching 5.11%, its highest level since 2007.
The two-year yield also rose to 4.89%, while the 30-year yield reached 5.40%.
The moves came as expectations grew that the Federal Reserve could raise interest rates further to bring inflation under control, following last week’s quarter-point increase.
Oil prices also rose after several sessions of declines.
West Texas Intermediate crude gained 1.8% to $92.16 a barrel, while Brent crude climbed to more than $103.
The rebound followed renewed uncertainty over the conflict involving the US and Iran, with developments at the UN General Assembly providing little indication of an imminent breakthrough.
Higher energy prices added to concerns about inflation, contributing to pressure on stocks and bonds.
European markets also mostly finished lower, with Frankfurt down 0.7% and Paris falling almost 0.5%, while London ended the session flat.