Wall Street declines as bond yields rise and oil prices fluctuate
U.S. stock indexes ended a mixed week on Friday with the S&P 500 rising slightly by 0.2%, while the Dow Jones Industrial Average fell 0.2% and the Nasdaq Composite gained 0.4%. The market was weighed down by higher bond yields, which climbed to 5% for the 10-year Treasury from 4.94% late Thursday — a level not seen since early 2023. Rising borrowing costs are slowing economic activity and reducing stock valuations. Inflation remains stubbornly high due in part to rising oil prices caused by tensions with Iran, pushing Brent crude above $110 per barrel earlier this week before settling at around $103.87 on Friday. Gasoline and diesel prices have also surged, straining household budgets and increasing shipping costs for goods. Steel maker Nucor reported a profit increase but missed analyst expectations due to higher input costs, causing its stock to drop 6.3%. Meanwhile, Berkshire Hathaway edged up slightly after Warren Buffett announced his retirement as chairman.
Topics: bond yields Dow Jones Industrial Average Nasdaq Composite oil prices S&P 500