S&P 500, Nasdaq retreat after records as yields, oil surge
Wall Street had a rough Wednesday: major indices like the S&P 500 and Nasdaq all slipped after hitting record highs earlier in the week.
The big reason? US Treasury yields shot up, and oil prices spiked, making investors nervous about inflation and higher borrowing costs.
Even smaller stocks in the Russell 2000 trailed behind.
Fed split over September rate hike
Soaring oil prices (with Brent crude briefly topping $100 a barrel) and 30-year Treasury bond yields touched a 24-year high coincided with a global bond selloff.
High mortgage rates hit the housing sector hard, while tech names like semiconductor stocks and SpaceX shares also lost ground.
With Fed officials split over the rationale for the September rate hike, investors are staying cautious as they watch for what comes next.