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Stocks Fall as Treasury Yields Climb; Oil Slips: Markets Wrap

  • U.S. 10-year Treasury yield hits 2%, highest since Feb. 25
  • Oil declines as inflation fuels fears of demand destruction
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WATCH: BlackRock’s Wei Li says the firm is still overweight U.S. equities.Source: Bloomberg
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U.S. stocks fell and Treasury yields pushed higher after inflation accelerated for a sixth successive month and the Russian attack on Ukraine showed no sign of letting up. Oil declined and the dollar rose.

The S&P 500 ended down but well off session lows, with tech stocks leading the retreat. Treasuries fell across the board, sending the 10-year Treasury yields to levels not seen since Feb. 25 and the 30-year rate to the highest since May 2021 after data showed inflation running at the fastest pace in 40 years. Oil dropped below $107 a barrel in New York amid concern surging prices could hasten the onset of demand destruction.