Rising Treasury Yields Weigh on Wall Street Stocks

Wall Street stocks closed modestly lower on Tuesday as rising Treasury yields weighed on the market. The S&P 500 slipped 0.2%, while the Dow Jones Industrial Average dropped 0.3% and the Nasdaq composite fell 0.1%. Major indexes shifted lower after a quiet morning, with Nvidia, the market's most influential stock, giving up an early gain to close 0.7% lower.

The price of Brent crude oil in the most actively traded part of the oil market fell 1.7% to settle at $96.16 a barrel, pushing Treasury yields to their highest levels in 24 years. Energy stocks had some of the broadest losses, with Exxon Mobil falling 0.7%. Rising oil prices have been fueling a jump in Treasury yields, which threaten to slow economic growth by making borrowing more expensive for individuals and businesses.

The yield on the 10-year Treasury rose to 5.25% from 5.24% late Monday, reaching its highest level since 2002. Shares of CarMax rose 4.7% after the used car dealership chain reported soaring second-quarter revenue and delivered profits that easily beat Wall Street expectations.