U.S. stocks slid on Wednesday, with the Dow Jones Industrial Average dropping about 500 points as government bond yields climbed to their highest level in 24 years, according to Yahoo Finance. The S&P 500 and Nasdaq Composite pulled back from record highs as the rise in yields and climbing oil prices weighed on equities, Reuters reported.
The 10-year Treasury yield reached its highest point in 24 years, CNBC reported, a move that coincided with the Dow falling roughly 400 points in intraday trading. The Wall Street Journal also reported that Treasury yields touched fresh 24-year highs as the Dow opened lower.
The pullback came as investors awaited the release of minutes from the Federal Reserve's latest policy meeting, according to Yahoo Finance. Rising yields can pressure stock valuations by making bonds more attractive relative to equities, while higher oil prices add to concerns about costs.
The declines marked a retreat from recent records for the S&P 500 and Nasdaq, which had been trading at all-time highs before Wednesday's session. The Dow's drop was the most prominent move among the major indexes, though all three finished lower on the day.
Investors will be watching the Fed minutes for signals on the path of interest rates, along with any further moves in Treasury yields and oil prices.
