S&P 500 Drops for Third Session; Bond Yields Hit Multi-Decade High

AI Summary

The S&P 500 experienced its third consecutive decline, falling due to rising bond yields, which have reached a multi-decade high. The Dow closed down over 300 points, underscoring the impact on investor sentiment. This increase in the 30-year Treasury yield affects borrowing costs and could lead to tighter financial conditions. The market's reaction is significant as it reflects concerns over inflation and the potential for higher interest rates affecting equity valuations, specifically for technology stocks ahead of Nvidia's earnings report.