Treasury Yields Weigh on Stocks Amid Ongoing Oil Price Volatility
Stocks on Wall Street closed modestly lower on Tuesday as rising Treasury yields weighed heavily 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 performance of several technology behemoths, including Nvidia, which gave up an early gain and closed 0.7% lower.
The pressure on stocks comes as oil prices remain volatile due to the ongoing U.S.-Iran conflict. The price of Brent crude oil fell 1.7% to settle at $96.16 a barrel, its highest level in months. Energy stocks suffered broad losses, with Exxon Mobil falling 0.7%. Higher Treasury yields have been fueled by rising oil prices and threaten to slow economic growth by making borrowing more expensive for individuals and businesses.