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US stock indices close lower as oil prices and Treasury yields rise
The 10-year Treasury yield rose to 4.72%, with the 30-year yield up to 5.31%, as WTI gained more than 2% on supply risk concerns.
U.S. stock indices ended lower, with selling picking up into the afternoon as higher crude oil prices and rising Treasury yields weighed on investor sentiment, according to Forexlive. The pullback followed the S&P 500 reaching a record high last week, leaving markets exposed to some profit-taking.
Forexlive said WTI climbed more than 2% amid concerns related to the Strait of Hormuz and stalled U.S.-Iran negotiations, keeping supply risks in focus. While energy shares outperformed, the broader move also renewed concerns about inflation and interest rates, pressuring equities more generally.
Treasury yields moved higher alongside the oil-driven inflation worry, adding another headwind for stocks. Forexlive cited the 10-year yield rising to 4.72% and the 30-year yield moving to 5.31%, the highest level since June 2007, with the move supported by stronger New York manufacturing data.
Sector performance was mixed, Forexlive reported, with the S&P energy component up 0.87% as the only component in positive territory. Communication services and consumer staples both fell around 1.5%, while financials declined 1.04%, and the week ahead includes retail earnings and Federal Reserve July meeting minutes.
Latest closeWTI crude $82.40 ▲1.4%|S&P 500 7,785.76 ▼0.2%