Treasury Yields Pressure Stocks as Oil Prices Reach New Heights

Stocks on Wall Street closed modestly lower Tuesday as rising Treasury yields put pressure on the market.

The S&P 500 slipped 0.2% after wavering between gains and losses throughout the day, while the Dow Jones Industrial Average dropped 0.3% and the Nasdaq composite fell 0.1%.

Rising bond yields undercut the influence of several technology behemoths, with Nvidia giving up an early gain to close 0.7% lower, and Broadcom rising 1.6%.

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, contributing to higher Treasury yields that have reached their highest levels in 24 years.