US stocks waded in the red on Wednesday, after a spike in Treasury yields unsettled investors already weighing whether recent data will shift the needle on interest rates. The benchmark S&P 500 fell more than 0.7%, while the Dow Jones Industrial Average drifted about 1% lower, shedding over 400 points and leading the indexes down. The Nasdaq Composite declined about 0.6%.
The 10-year yield is back above the key 4.5% level, trading around 4.62% Wednesday, its highest level since early May. Those concerns appeared to be eclipsing the hopes for AI growth that lifted the Nasdaq to a record in the slipstream of Nvidia's post-earnings rally. Nvidia stock rose for a fourth straight day on Wednesday to close at a record high.
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