Wall Street Drifts Lower Amid Rising Bond Yields and Oil Price Volatility

Wall Street struggled to find direction on Friday as bond yields continued their upward march and oil prices seesawed. The Standard & Poor's 500 index eked out a 0.2% gain, but it was its second consecutive weekly loss.

The majority of stocks fell, with General Motors plummeting 5.1% and Qualcomm dropping 5.8%. However, Coinbase Global surged 11.7%, the largest gain among S&P 500 stocks, while Robinhood Markets climbed 9.1%.

Bond yields have been rising since the COVID pandemic in 2020, accelerating recently due to stubbornly high inflation. The yield on the 10-year Treasury reached 5% for the first time since 2023, further slowing the economy and undercutting stock prices.