US Stocks Fall for Third Straight Session as Treasury Yields Jump and Oil Tops $100

U.S. stocks fell for a third straight session on Wednesday, while oil prices kept rising and Treasury yields jumped after U.S. Treasury Secretary Scott Bessent announced a new bond buyback plan. According to Sina Finance, the Dow Jones Industrial Average fell 405.41 points, or 0.77%, to 52,380.66; the S&P 500 dropped 37.16 points, or 0.48%, to 7,636.36; and the Nasdaq Composite declined 168.07 points, or 0.64%, to 26,253.34. Treasury yields surged after the Treasury said it would double the size of its buyback operations for long-dated government bonds to $6 billion. According to Sina Finance, the 10-year Treasury yield rose to 4.857%, its highest level since November 2023, after briefly moving above the closely watched 4.8% threshold. Brent crude futures rose 3.36% to $101.21 a barrel, while U.S. West Texas Intermediate crude futures gained 3.25% to settle at $96.05 a barrel. According to Sina Finance, both benchmarks closed at their highest levels since May.