Wall Street Slips as Treasury Yields and Oil Prices Weigh
Stocks closed modestly lower on Wall Street on Tuesday as rising long-term Treasury yields weighed heavily on the market.
The S&P 500 slipped 0.2% after wavering between gains and losses for much of the day, while the Dow Jones Industrial Average dropped 0.3%, and the Nasdaq composite fell 0.1%.
Major indexes declined after a quiet morning as rising bond yields undercut the influence of tech giants like Nvidia, which lost 0.7% despite earlier gains. Broadcom rose 1.6%
The price of Brent crude oil dropped 1.7% to settle at $96.16 per barrel amid ongoing tensions between the US and Iran.
Energy stocks were among the biggest losers, with Exxon Mobil falling 0.7% as higher oil prices fueled a jump in Treasury yields, which reached their highest level since 2002.