Stock futures are little changed after higher yields lead to losing session: Live updates - CNBC
U.S. stock markets experienced a second consecutive day of losses as Treasury yields reached multiyear highs. Investors are reacting to concerns over inflation and the potential for economic demand destruction.
Why it matters
Rising Treasury yields are creating significant volatility in equity markets, signaling investor anxiety regarding the Federal Reserve's interest rate trajectory and broader economic stability.
Stocks fell on Tuesday following another rise in Treasury yields to fresh multiyear highs.
The Dow Jones Industrial Average pulled back 131.59 points, or 0.26%, to close at 51,349.92. The S&P 500 edged down 0.16% to end at 7,670.84, while the Nasdaq Composite slipped 0.09% to 26,797.54. Though all three indexes ended the session off their lows, they also posted back-to-back losing sessions.
Bank stocks slid. JPMorgan Chase , Morgan Stanley and Bank of America declined. The State Street Financial Select Sector SPDR ETF (XLF) also closed lower.
The 30-year Treasury bond yield climbed to a high above 5.6% to reach a level not seen since June 2002. The benchmark 10-year Treasury note yield topped 5.29% at its session high.
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