Bond Yields and Oil Prices Drag Down Wall Street

Wall Street closed out an up-and-down week on Friday with mixed results for U.S. stock indexes, weighed down by rising bond yields and oil prices.

The S&P 500 inched up 0.2% after fluctuating between small gains and losses throughout the day, marking its second consecutive weekly decline.

The Dow Jones Industrial Average slipped 0.2%, while the Nasdaq composite rose 0.4%. Most stocks on Wall Street fell, with higher yields from the bond market contributing to their weakness.

The yield on the 10-year Treasury reached 5% for the first time since 2023, after topping that level earlier in the week. Elevated yields slow down the overall economy by making borrowing more expensive and tend to undercut stock prices.