Wall Street slips as Treasury yields climb and oil prices wobble

Friday’s trading saw U.S. markets drift lower, with the S&P 500 down 0.1% and the Dow Jones Industrial Average losing roughly 235 points, while the Nasdaq remained flat. The rise in the 10-year Treasury yield to 5.00% intensified pressure on equities, as higher borrowing costs dampen economic activity and reduce stock valuations. Oil prices, driven by the ongoing conflict with Iran, swung sharply after reaching almost $110 per barrel earlier in the week and then easing back.

Steelmaker Nucor warned that its upcoming quarterly profit would miss analyst expectations despite higher pricing, sending its stock down over 6%. Berkshire Hathaway shares slipped after Warren Buffett said he is stepping down as chairman, having already relinquished the CEO role. International markets mirrored the mixed tone, with European indexes falling and Asian markets, led by South Korea and Japan, posting gains following the Bank of Japan’s rate hike and the Federal Reserve’s recent rate increase.