US Stock Indexes Hold Steady Amid Rising Treasury Yields and Ongoing Tensions with Iran

US stock indexes held steady in morning trading on Wall Street as investors weighed rising Treasury yields against gains from tech behemoths. The S&P 500 slipped 0.2% after wavering between modest gains and losses throughout the day, while the Dow Jones Industrial Average dropped 0.3%, and the Nasdaq composite fell 0.1%. Nvidia, the market's most influential stock, gave up an early gain and closed 0.7% lower, while Broadcom rose 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, weighed down by ongoing tensions between the US and Iran. 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, touching its highest level since 2002. The jobs market has been resilient despite stubbornly high inflation squeezing businesses and households. Wall Street will get a broader update on Friday when the US releases its monthly employment report for September.