US Stock Markets Fall Amid High Oil Prices and Treasury Yields

US stock markets slid lower on Wednesday as high oil prices and Treasury yields weighed on investor sentiment.

The S&P 500 fell by 0.3% to close its third losing month in four, while the Dow Jones Industrial Average dropped 443 points or 0.9%, and the Nasdaq composite added a mere 0.2%

A stronger-than-expected US economy report suggested that inflation was not as bad as economists had predicted, but this only led to higher bond yields.

The two-year Treasury yield fell briefly to 4.83% before rebounding to 4.89%, while the longer-term yields rose due to ongoing concerns about high inflation and a seemingly solid US economy.