Stocks Plummet as Treasury Yields Reach Multi-Decade High

Stock markets declined for the second consecutive day as the 30-year Treasury yield reached its highest level since June 2004, hitting 5.446%.

The Dow Jones Industrial Average fell 0.6%, led by Goldman Sachs and Caterpillar, which dropped 2.2% and 2.1% respectively.

Oracle's announcement of a delay in the construction of its $165 billion data center due to power supply difficulties weighed on technology shares, with Oracle itself down over 5%.

The Nasdaq Composite fell 0.8%, while the S&P 500 dropped 0.5%. The 10-year Treasury yield also reached a high not seen since July 2007, at 5.15%.