Stocks slip on Wall Street as rising Treasury yields pressure the market

NEW YORK (AP) — Pressure from another increase in Treasury yields weighed down stocks on Wall Street Tuesday.The S&P 500 fell 0.3% after spending most of the morning wavering. The Dow Jones Industrial Average fell 295 points, or 0.6%, as of 11:43 a.m. The Nasdaq composite fell 0.1%.Major indexes shifted lower after a quiet morning as increased pressure from the bond market outweighed much of the heavy lifting being done by several technology behemoths.

Nvidia rose 0.9% and Broadcom rose 2.6%.Stocks remain under pressure as oil prices swing sharply as the U.S. war with Iran drags on, helping to push Treasury yields to their highest levels in 24 years.The price of Brent crude oil in the most actively traded part of the oil market fell 0.9% to $96.95 a barrel. It briefly climbed above $100 on Monday before prices eased a bit, but they are still well above the roughly $72 it cost before the U.S.

and Israel attacked Iran in late February.Mediators continued to work with the United States and Iran on reaching a deal to end the fighting and open the Strait of Hormuz. President Donald Trump over the weekend rejected an offer from Tehran to reopen the key waterway.Overall, rising oil prices have been fueling a jump in Treasury yields. Higher yields threaten to slow economic growth by making borrowing more expensive for individuals and businesses.

They can also hurt prices for stocks, especially those seen as expensive, including many technology companies that have soared because of the frenzy around AI technology.The yield on the 10-year Treasury rose to 5.28% from 5.24% late Monday, touching its highest level since 2002, according to Tradeweb, well before the financial crisis and Great Recession sent yields toward zero.Shares of CarMax jumped 6.1% after the used car dealership chain reported soaring second-quarter revenue and delivered profits that easily beat Wall Street expectations. The company also announced changes to its executive leadership.Oura, the maker of wearable digital health accessories and jewelry, said Tuesday that it was postponing its initial public offering, despite strong demand, due to uncertainty in the IPO market.Markets in Europe were mixed and markets in Asia closed mostly lower.Wall Street will see several big economic updates this week that could help investors and the Federal Reserve get a better sense of where inflat…