Wall Street Tumbles Amid Higher Oil Prices and Bond Yields

Stocks took a hit on Wall Street as investors grew concerned about rising oil prices and higher bond yields. The S&P 500 fell 0.7% Tuesday, while the Dow Jones Industrial Average dropped 419 points or 0.8%. The Nasdaq composite was not immune to the downturn either, falling by 1%. Brent crude saw a significant jump of 4.6%, pushing it above $90 for the first time in over a month. This surge in oil prices added to worries about stubbornly high inflation.

The yield on the 10-year Treasury also rose to 4.79%, further putting pressure on stocks. Big Tech companies like Nvidia and Amazon were among the heaviest weights dragging the market lower. Despite the decline, some investors remain optimistic about the market's future prospects.