Market Indexes Drop as Treasury Yields Surge

The stock market closed lower as bond yields rose, causing concerns among investors about the market's vulnerability to a pullback. The selloff in stocks spread globally, with losses in Europe and Asia. Big tech companies such as Amazon, Apple, Coinbase, and Airbnb reported earnings after the market closed. The S&P 500 fell 0.3%, while the Dow industrials and Nasdaq Composite also retreated slightly. Government-bond prices fell, pushing yields higher, with the 10-year Treasury yield reaching its highest level since November. Oil prices rose, and overseas stocks mostly declined.