Rising Bond Yields Weigh on Stocks

Surging U.S. Treasury yields, fueled by persistent inflation concerns, rising oil prices and expectations that interest rates will remain high, pushed major stock indexes lower. The 10-year yield climbed above 5.2%, near its highest level in roughly two decades, while the selloff in government bonds added pressure to borrowing costs across the economy. Higher yields have lifted mortgage rates above 7%, weighing on homebuilders and sending shares of major builders lower. Nvidia was a notable exception, rising on news of a $150 billion buyback.