Wall Street Pulls Back After Record Highs as Oil Rebounds, Yields Rise

Overview

• Major indexes closed lower after recent records, with the Dow down 0.63% to 49,596.97, the S&P 500 off 0.38% to 7,337.11, and the Nasdaq down 0.13% to 25,806.20.
• Oil reversed higher during the session, with WTI up 0.8% to $95.85 after dipping below $90 and Brent back above $100, which pressured energy shares.
• The 10-year Treasury yield rose to about 4.39%, a shift that raises mortgage and other borrowing costs and can pull down stock valuations.
• An earlier boost from President Trump’s remarks about “very good” talks with Iran faded after an Iranian TV report said enemy units were hit by missiles near the Strait of Hormuz, which stoked caution.
• Big tech held up as Nvidia, Microsoft, and Tesla gained, but earnings drove sharp moves in single stocks, with Planet Fitness down 31% and Datadog up 29%, as traders eyed the next U.S. jobs report.