Key facts
- US stocks closed lower on Wednesday, ending winning streaks for the S&P 500 and Nasdaq.
- Long-dated US Treasury yields resumed their climb, reviving fears about inflation and mounting debt.
- The Dow Jones Industrial Average fell 324.74 points, or 0.63%.
- The S&P 500 and Nasdaq Composite each lost 0.22%.
- The small-cap Russell 2000 underperformed, dropping 1.3%.
Wall Street closed lower on Wednesday, as long-dated US Treasury yields resumed their climb, reviving fears about inflation and mounting debt the day after the S&P 500 and the Nasdaq hit record closing highs. All three major US stock indexes were modestly lower, with the S&P 500 and the Dow poised to snap their four-day winning streaks. The Nasdaq was on track for its first down day in six. The small-cap Russell 2000 underperformed its larger cap counterparts. In the wake of Tuesday's stock market rally, Brent crude briefly crept above $100 per barrel and the 30-year Treasury bond yield touched a 24-year high. Iran war-related supply concerns have led to soaring oil prices, which in turn have revived inflation worries and raised the chances of a prolonged central bank rate hiking cycle. Those concerns, combined with mounting corporate and sovereign debt levels, have caused a global bond selloff, which rattled global markets in recent weeks.