S&P 500 falls, hurt by elevated global bond yields and oil prices: Live updates - CNBC
The S&P 500 declined for the third consecutive session as rising global bond yields and persistent inflation concerns pressured the market. Investors are also reacting to geopolitical tensions involving the U.S. and Iran, which have contributed to higher oil prices.
Why it matters
Rising bond yields and geopolitical instability are creating significant volatility in global financial markets, impacting investor sentiment.
The S&P 500 fell on Tuesday, pressured by a run in sovereign bond yields to multi-year highs amid concerns of persistent inflation and elevated oil prices. A pullback in semiconductor stocks also weighed on the broader market.
The broad market index declined 0.69% to 7,691.76 and posted a third consecutive losing session. The Nasdaq Composite was down 1.33% to end at 26,289.71. Western Digital fell 7%, weighing on the Nasdaq. Sandisk dropped 9%. Marvell Technology and Seagate Technology were also down by nearly 8% and more than 9%, respectively. The Dow Jones Industrial Average shed 116.38 points, or 0.22%, and closed at 53,343.40.
The U.S. 30-year Treasury bond yield scored a fresh 19-year high Tuesday. Elsewhere, Japan's 10-year bond yield reached its highest level in three decades . Germany's 30-year bund yield hit its highest since 2011, and the French 30-year government bond yield reached its highest point since 2008.
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