3 Days of Losses: Dow, S&P, Nasdaq Slide as Yields, Oil Rise

US stocks fell for a third straight session on Wednesday. Rising Treasury yields and another jump in oil prices weighed on sentiment.

The Dow Jones Industrial Average dropped 405.41 points, or 0.77%, to 52,380.66. The S&P 500 slipped 0.48% to 7,636.36. The Nasdaq Composite fell 0.64% to 26,253.34.

Treasury Buyback Sends Yields Higher

The Treasury Department said it will triple its buyback of longer-dated debt to $6 billion. The move failed to stop the 10-year yield from climbing to 4.84%, its highest level since November 2023.

Some traders had bet on an even bigger repurchase. Peter Boockvar of The Boock Report said Wall Street expectations ran as high as $7 billion to $8 billion.

Thomas Martin of Globalt Investments pointed to an unusual standoff in sentiment.

"You look at equity sentiment, and it's at an extreme. At the same time, the sentiment for higher interest rates is also at an extreme. Those two things shouldn't be able to live together for very long."

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