Stock futures are little changed after losing session; Brent crude tops $99 per barrel: Live updates - CNBC
Stock markets declined for the third consecutive day as rising Treasury yields and oil prices pressured investors. Brent crude prices surpassed $99 per barrel amid concerns over Middle East energy supply disruptions.
Why it matters
Market volatility driven by inflation fears and geopolitical tensions directly impacts global economic stability and investment portfolios.
Stocks fell on Wednesday as rising Treasury yields and oil prices continued to rattle investors.
The Dow Jones Industrial Average dropped 405.41 points, or 0.77%, to end at 52,380.66. The S&P 500 shed 0.48% to close at 7,636.36, while the Nasdaq Composite fell 0.64% to 26,253.34. It was the third day of declines for all three indexes.
Treasury yields jumped on Wednesday after the Treasury Department said it's going to triple its buyback operation of longer-dated government debt to $6 billion. The move follows the Treasury Department's announcement last month that it's going to at least double the level of government debt buybacks.
Following the announcement, the 10-year Treasury note yield rose to 4.857%, reaching its highest level since November 2023. The yield had briefly climbed above the closely watched 4.8% level on Tuesday as rising oil prices added to concerns about inflation.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in