Asian Stocks Sink as Treasury Yields Reach 24-Year High

Asian stocks closed mostly lower on Tuesday after Wall Street sank due to pressure from rising Treasury yields. The S&P 500 fell 0.3% and the Dow Jones Industrial Average dropped 295 points, or 0.6%, as of 11:43 a.m. Eastern time.

The increased pressure from the bond market outweighed gains made by tech companies such as Nvidia, which rose 0.9%, and Broadcom, which gained 2.6%.

Rising oil prices have been fueling a jump in Treasury yields, with the price of Brent crude oil falling 0.9% to $96.95 a barrel. This has led to higher borrowing costs for individuals and businesses, potentially slowing economic growth.