US Stocks Slip Amid Rising Treasury Yields and Oil Prices

The US stock market closed lower on Tuesday as rising Treasury yields put pressure on investors. The S&P 500 fell 0.2%, while the Dow Jones Industrial Average dropped 0.3% and the Nasdaq composite lost 0.1%. This decline comes as long-term Treasury yields reached their highest level in 24 years, reaching 5.25% from 5.24% on Monday.

The increase in Treasury yields is largely driven by rising oil prices, which have been fueled by the ongoing US war with Iran. Brent crude oil fell 1.7% to settle at $96.16 a barrel, putting pressure on energy stocks such as Exxon Mobil, which dropped 0.7%. The surge in oil prices has also contributed to higher borrowing costs for individuals and businesses.

Despite the losses, some tech companies like Nvidia struggled to maintain gains, while others like Broadcom rose 1.6%. Shares of CarMax surged 4.7% after reporting strong second-quarter revenue and profits that beat Wall Street expectations. However, Oura, a maker of wearable digital health accessories and jewelry, postponed its initial public offering due to uncertainty in the IPO market.