Wall Street Stocks Slide Amid Rising Oil Prices and Bond Sell-Off
Stocks on Wall Street took a hit Tuesday as investors grew increasingly anxious about rising oil prices, stubbornly high inflation, and an ongoing bond market sell-off.
The S&P 500 index fell 0.7%, while the Dow Jones Industrial Average dropped 0.8% and the Nasdaq composite slid 1%. This marks the third consecutive day of losses for major indexes.
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%. These companies' growth has been heavily reliant on borrowing, which becomes more expensive as interest rates rise.
The ongoing bond sell-off is a key concern for investors, with the yield on the 10-year Treasury rising to 4.79% from 4.75% late Monday. This signals that investors are demanding a higher return from Treasurys due to growing government debt and risk.