Stocks Slide as Treasury Yields Reach Two-Decade High

The stock market continues to slide as Treasury yields climb higher, reaching their highest point in over two decades. As of 11:37 AM ET, the S&P 500 (^GSPC) has fallen 0.48% to 7,669, while the Nasdaq Composite (^IXIC) is down 0.77% to 26,739. The Dow Jones Industrial Average (^DJI) also saw a decline of 0.71% to 51,144.

The rising bond yields have contributed to a risk-off mood on Wall Street, driven by inflation fears, geopolitical uncertainty, and the AI boom. High yields can impact business and consumer borrowing, making mortgages and other loans more expensive. However, JPMorgan's global investment strategy co-head believes that equities may still continue to climb in 2027.

Oracle (ORCL) saw a significant drop of almost 5% after invoking a force majeure on its New Mexico data center project. Meta Platforms (META) gained ground after the debut of its VR glasses and new handheld device. United Parcel Service (UPS) dropped due to an analyst downgrade.