Stocks split, oil slips, and Treasury yields stay elevated

The big picture. U.S. stocks finish mixed. The S&P 500 rises 0.1% and the Dow adds 0.5%, while the Nasdaq Comp. falls 0.6% and the Russell 2000 slips 0.4%. Tech is the clear laggard in the sector tape, down 1.4%, while Real Estate, Materials, Staples, Financials and Health all post gains of at least 0.7%.

The day’s headlines keep pressure on risk assets. CNBC reports Trump threatens the EU with a "substantial TARIFF" after the bloc’s fines on Google, Apple, Meta and Amazon, while another CNBC item says bond-market anxiety is growing over AI capex budgets. Intel is also a major drag on the most-active list, after CNBC says its turnaround gains steam but the stock still sinks on the day.

Rates stay hot. The 10-year Treasury yield ends at 4.679%, down 0.5% on the day but still up 3.0% on the week, and the 30-year yield sits at 5.162%. The VIX 9-day jumps 4.6% even as the 30-day VIX falls 0.6%, a sign the next few sessions look bumpier than the broader volatility index suggests.

Outside the U.S., the tone is mixed. The Hang Seng rises 1.3% and the Kospi jumps 4.4%, but the DAX drops 1.6%, the CAC 40 falls 1.6%, and the Stoxx 600 loses 1.2%. In commodities, WTI crude falls 1.9% and Brent drops 2.3% after a sharp recent run, while Bitcoin slips 1.5% and the total crypto market cap falls 1.3% to $2.3T.