Oil Prices and Bond Yields Drag Stocks Down on Wall Street

Stocks on Wall Street slipped into a losing streak Tuesday as rising oil prices and higher bond yields put pressure on investors. The S&P 500 index fell 0.7% to close at 7,631.47, while the Dow Jones Industrial Average dropped 0.8% to settle at 52,766.88.

The Nasdaq composite slid 1% to finish at 26,099.77, with technology stocks among the heaviest weights on the market. Nvidia's stock price fell 1.5%, Amazon lost 1.9%, and Advanced Micro Devices gave up 2.4%. Their large market values tend to influence the broader market's direction.

Rising bond yields are a major concern for investors, with the yield on the 10-year Treasury increasing to 4.79% from 4.75% late Monday. The yield on the 2-year Treasury rose to 4.39% from 4.34%, up significantly from about 3.50% at the beginning of August.

The ongoing sell-off in U.S. government bonds is driven by growing concerns over inflation and rising debt levels. The U.S. national debt has surpassed $40 trillion, with defense costs and interest on the burgeoning deficit making up a significant share of federal spending.