US stocks were mostly lower on Tuesday, pressured by another climb in Treasury yields to fresh multiyear highs. The S&P 500 slipped, the Dow fell more than 100 points, while the Nasdaq eked out a modest gain. Persistently high oil prices and rising yields continued to weigh on equities, with the 10-year Treasury yield hovering near its highest level since 2007 and the 30-year near levels last seen in 2004.
The bond selloff was driven by inflation concerns linked to elevated crude and fuel prices, as well as worries over widening fiscal deficits. New York Fed President John Williams signaled that another interest rate increase may still be needed this year.
Financials came under pressure, with major bank stocks moving lower; Bank of America slipped nearly 1%. AI-focused hyperscalers and chipmakers—many of which are facing record levels of debt issuance—turned in a mixed performance. Alphabet declined nearly 1%, and Nvidia shed about 0.5%, while Meta rose 2%. Oracle gained around 4%, and Broadcom and Micron each advanced more than 1.5%, supported in part by optimism surrounding the planned IPO of Anthropic, which could value the company at over $2 trillion.
