Stocks fade as Treasury yields climb and commodities diverge

The big picture. U.S. stocks close mixed to lower. The S&P 500 slips 0.0% to 7675.7, the Nasdaq falls 0.1% to 26130.2, the Dow drops 0.2% to 53463.9, and the Russell 2000 loses 0.1%. Sector action is split, with Industrials up 1.1%, Tech up 0.6%, Energy up 0.6%, and Utilities up 0.5%, while Health falls 1.0% and Discretionary drops 0.7%. The VIX falls 1.6% to 15.21.

Treasury yields move higher across the curve. The 5-year rises 0.7% to 4.381, the 10-year gains 0.5% to 4.664, and the 30-year adds 0.2% to 5.186. Credit funds are little changed, with LQD down 0.1%, HYG down 0.0%, and MUB down 0.1%.

Commodities are mixed. WTI crude slips 0.9% to 81.58 and Brent drops 2.6% to 86.32. Natural gas jumps 5.3% to 2.918. Gold adds 0.6% to 4666.2, while silver is flat. Grains surge, with corn up 7.3%, wheat up 11.3%, and soybeans up 2.9%.

Crypto is firmer even as the broader market cools. Bitcoin rises 0.3% to 78800.1, Ethereum gains 2.1% to 2495.3, and Solana jumps 4.6% to 101.0. The total crypto market cap falls 1.9% to $2.7T, with Bitcoin dominance at 59.1% and Ethereum dominance at 11.2%.