US Stocks Slide as Oil Prices Rise and Treasury Yields Climb

Wall Street ended lower on Wednesday, with major indices declining as Treasury yields climbed and oil prices rose. The S&P 500 dropped 0.75% to close at 7,706.05 points, while the Nasdaq fell 1.13% to 26,936.04 points. The Dow Jones Industrial Average declined 0.68% to 51,511.59 points.

The rally in oil prices was driven by Iranian President Masoud Pezeshkian's speech at the UN, which sparked concerns about a potential conflict between Iran and the US. This led to a rise in Treasury yields, with the 30-year bond yield touching its highest level since 2024. The Federal Reserve is likely to increase interest rates at its October meeting as inflation remains above the central bank's target.

However, some stocks performed well despite the overall market decline. Google parent Alphabet fell 3.8%, while Amazon dropped 2.2% after being criticized for blocking Muse from its shopping platform. The tech-heavy Nasdaq index recorded a record-high close in two consecutive sessions due to investor optimism about AI-related companies.