Dow Drops 403 Points as Oil Nears $95 and 10-Year Yield Approaches 4.5%
Updated
Updated · CNBC · Jun 2
Dow Drops 403 Points as Oil Nears $95 and 10-Year Yield Approaches 4.5%
1 articles · Updated · CNBC · Jun 2
Summary
The Dow slid 403 points, or 0.8%, on Wednesday after record closes a day earlier, while the S&P 500 fell 0.4% and the Nasdaq lost 0.5%.
WTI crude rose 1% to about $95 a barrel and Brent climbed to roughly $97 after new U.S. and Iran strikes, stoking fears that higher energy costs could keep inflation elevated.
Treasury yields also climbed, with the 10-year nearing 4.5% and the 30-year approaching 5%, after a strong May ADP report added pressure on rate expectations.
AI-linked shares deepened the pullback: Nvidia fell more than 2%, Microsoft lost 2%, and Dell and Oracle dropped 5.5%.