Oil Prices, Bond Yields Weigh on Wall Street as Market Awaits Middle East Breakthrough

Wall Street's main indices fell on Wednesday as crude oil prices resumed their uptrend and bond yields gained.

Crude oil prices climbed over 1% after five straight sessions of declines, though they remained pinned near a two-week low. Brent crude prices rose to the highest level in nearly two weeks.

Yields on two-year and 10-year US government bonds ticked higher, adding to market concerns that borrowing costs will remain elevated for longer.

'The market is in a limbo right now... because bond yields and oil prices are up,' said Sam Stovall, chief investment strategist at CFRA Research. Chip-related companies were under pressure early on, including AMD, Nvidia, and Intel.