Dow Falls 200 Points as Oil Nears $96 and 10-Year Yield Approaches 4.5%
Updated
Updated · CNBC · Jun 2
Dow Falls 200 Points as Oil Nears $96 and 10-Year Yield Approaches 4.5%
3 articles · Updated · CNBC · Jun 2
Summary
U.S. stocks slipped Wednesday, with the Dow down about 200 points as investors reacted to a fresh rise in oil and Treasury yields after new U.S. and Iran strikes.
WTI crude climbed 2% to around $96 a barrel and Brent rose 2% to about $98, stoking concern that a wider conflict could keep inflation pressure elevated.
The 10-year Treasury yield approached 4.5% and the 30-year neared 5%, with yields getting an extra lift from a strong May ADP jobs report.
KKR fell 6% and Blackstone dropped 5% after Partners Group capped withdrawals from one fund, while Broadcom gained more than 2% ahead of earnings.
The pullback followed Tuesday record closes for all three major indexes, with strategists warning the market may be due for a summer pause after a powerful AI-driven rally.