US Stocks Swing as Bond Yields and Oil Prices Keep Pressure On

The US stock market swung wildly on Wall Street Thursday as investors grappled with pressure from the highest bond yields in nearly two decades and rising oil prices.

The S&P 500 index fell by 0.1% in afternoon trading after briefly regaining lost ground from a morning decline, marking its third consecutive day of declines since reaching an all-time high.

The Dow Jones Industrial Average dropped 153 points, or 0.3%, while the Nasdaq composite slipped 0.2%.

Higher bond yields are making borrowing more expensive for everyone, including consumers trying to keep up with inflation, businesses investing in AI technology, and the US government covering its massive budget deficit.

The yield on the 10-year Treasury climbed to 5.16% from 5.11% late Wednesday, reaching levels last seen in 2007 and sharply higher than the pre-Iran war level of 3.97%.