US Stocks Plummet on Surging Treasury Yields, Oil Prices

The US stock market opened lower on Tuesday as Treasury yields surged, reviving inflation concerns and triggering a global sell-off in government bonds. The Nasdaq Composite led the decline, falling 1.2%, while the S&P 500 declined 0.6% and the Dow Jones Industrial Average slipped 0.3%. Higher borrowing costs put pressure on technology stocks, with Nvidia shares down 2%. The rise in bond yields has increased concerns about valuations in the technology sector.

Treasury yields continued to climb, with the 30-year yield reaching its highest level since 2007 at 5.32%, while the 10-year Treasury yield moved higher to 4.73%. The increase in borrowing costs is a concern for investors as it may indicate higher interest rates and inflation.

The rise in oil prices added to market volatility, with Brent crude futures touching $91 a barrel and US West Texas Intermediate crude futures rising to $84 a barrel. Tensions around Iran and the Strait of Hormuz contributed to the increase in oil prices.