Oil Price Surge Pushes US Stocks Down for Third Straight Day
US stocks continued their decline on Wednesday, marking a third straight day of losses. The selloff was driven by rising crude prices, which climbed to fresh three-month highs, and increasing global bond yields.
Brent oil pushed back over $100 per barrel, lifting bond yields and putting pressure on stocks. President Trump's comments that oil prices would remain elevated until after the upcoming midterm elections added to the market's pessimism.
The 10-year Treasury yield hit a new high since November 2023 before settling slightly lower after a strong auction. The 2-year Treasury yield rose to 4.44%, its highest close since July 2024.
The major indices all declined, with the Russell 2000 leading the way down at -1.3%. The DJIA fell -0.8%, the Nasdaq Composite dropped -0.6%, and the S&P 500 slid -0.5%.