Wall Street drops as oil and yields keep climbing

The big picture. U.S. stocks finish lower across the board. The S&P 500 falls 1.2%, the Dow loses 1.0%, the Nasdaq drops 2.2% and the Russell 2000 slips 0.7%. The S&P’s intraday path is choppy, fading from the 7,443.6 area to a 7,383.2 low before a late bounce.

Rate pressure stays front and center. The 10-year Treasury yield rises to 4.703%, the 5-year to 4.461% and the 30-year to 5.171%, while the VIX jumps 12.4% to 18.7 and the 9-day VIX climbs 7.7% to 18.15.

Sector action is brutal in communication services and discretionary, which fall 3.5% and 4.6%. Industrials buck the tape with a 1.7% gain, while health adds 1.3% and utilities rise 0.6%.

Overseas, the picture is mixed. The DAX gains 0.6%, the CAC 40 adds 0.9% and the Stoxx 600 climbs 0.6%, while the FTSE 100 falls 0.7%, the Nikkei 225 slips 0.2% and the Hang Seng drops 0.9%.

Crypto trades lower with the rest of risk. Bitcoin falls 1.6% to 65,063, Ethereum drops 2.9% to 1,878.47 and the total crypto market cap falls 1.46% to $2.3T.