Stocks Slide as Bond Yields Surge and Oil Prices Recover

Stocks, including the S&P 500 and Nasdaq, fell as Treasury yields surged, breaking their winning streaks. Disney shares surged after reporting better-than-expected earnings, driven by growth in its streaming service, Disney+. Blackrock may be considering an Ether ETF, causing the price of Ether to jump. Fed Chair Jerome Powell stated that the central bank is prepared to raise rates if necessary. AstraZeneca announced a deal for an experimental weight-loss drug and raised its guidance. Arm Holdings' ADRs tumbled after its first earnings report since going public. Media stocks rose as a deal was reached to end the actors' strike. Affirm, Disney, and Li Auto saw gains in premarket trading, while Arm Holdings, Lyft, and Instacart experienced losses. Stock futures were higher as yields ticked up.