Market Turmoil: Stocks Tumble as Treasury Yields Soar

The bond selloff continued, causing US stocks to decline, while big tech companies were relatively unaffected. Yields on Treasuries rose, with the 10-year benchmark bond reaching its highest level since 2007. The Federal Reserve's messaging about the need to keep borrowing costs high to control inflation contributed to the market reaction. Energy stocks sold off, erasing gains for the year, while the Nasdaq 100 saw a slight increase due to the performance of major technology firms. The dollar strengthened, gold prices fell, and oil prices retreated. Traders now see a higher likelihood of a November rate hike by the Fed.