Oil Price Surge Fuels US Stock Market Decline

The US stock market experienced a decline on Tuesday as oil prices continued to rise and fueled concerns about high inflation.

The S&P 500 index fell by 0.4%, while the Dow Jones Industrial Average decreased by 190 points, or 0.4%, as of 12:05 p.m. Eastern time.

The bond sell-off is a significant contributor to these market woes, with yields on the 10-year Treasury rising to 4.77% from 4.75% late Monday and 2-year Treasury yields increasing to 4.37% from 4.34%.

This marks a sharp increase from their levels at the beginning of the year, which were around 3.50% for the 10-year and 3.50% for the 2-year.