Stock futures are little changed after losing session; Brent crude tops $99 per barrel: Live updates - CNBC

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.