Asian Markets Tumble as Oil Prices Soar and Yields Rise

Asian markets mostly fell on Tuesday as the US economy continues to feel the effects of rising oil prices and increasing Treasury yields.

The S&P 500 was down 0.1% in afternoon trading, while the Dow Jones Industrial Average fell 119 points or 0.2%. The Nasdaq composite, however, edged up 0.1%.

Rising bond yields are making borrowing more expensive for individuals and businesses, which could slow economic growth. This has also hurt prices for stocks, particularly those seen as expensive like tech companies that have soared due to the frenzy around AI technology.

Energy stocks had some of the broadest losses, with Exxon Mobil falling 1%. The yield on the 10-year Treasury rose to 5.26%, its highest level since 2002, according to Tradeweb.