Wall Street Slumps Under Pressure from Higher Oil Prices and Bond Yields

Stocks on Wall Street closed broadly lower Tuesday due to rising oil prices and bond yields. The S&P 500 index fell 0.7%, while the Dow Jones Industrial Average dropped 0.8%. The Nasdaq composite slid 1%.

The major indexes have lost ground three days in a row, with the weak start to September following a shaky but mostly positive month for Wall Street. Every major index notched monthly gains in August.

Technology stocks were among the heaviest weights on the market, with Nvidia falling 1.5%, Amazon dropping 1.9%, and Advanced Micro Devices giving up 2.4%. Their big market values tend to give them more influence over the broader market's direction and their growth amid the artificial-intelligence boom has been heavily reliant on borrowing, which becomes more expensive as interest rates rise.

The ongoing sell-off in U.S. government bonds is contributing to the pressure on Wall Street. The yield on the 10-year Treasury rose to 4.79% from 4.75% late Monday, and the yield on the 2-year Treasury rose to 4.39% from 4.34%.