Asian Stocks Fall as Oil Prices Rise and Treasury Yields Hit 24-Year High

Asian stocks mostly fell on Wednesday after Wall Street sank and oil prices rose. The S&P 500, Dow Jones Industrial Average, and Nasdaq composite all declined by less than 1%, following a quiet morning where rising bond yields weighed heavily on the market.

The heavy lifting done by technology behemoths like Nvidia was undercut as rising oil prices continued to push Treasury yields higher. The price of Brent crude oil fell 1.7% to settle at $96.16 a barrel, still well above its pre-war level of around $72.

Energy stocks saw broad losses, with Exxon Mobil falling 0.7%. Rising bond yields threaten to slow economic growth by making borrowing more expensive for individuals and businesses.