Stocks Slide and Bond Yields Jump, Impacting Market Movement

The stock market slid as bond yields jumped following a disappointing Treasury auction and a hawkish-toned speech on inflation by Fed Chair Jerome Powell. The S&P 500, Dow Jones, and Nasdaq Composite all fell, ending the S&P 500's eight-day winning streak. Yields spiked after the auction, with the 10-year Treasury yield reaching 4.62%. Meanwhile, corporate earnings reports and a tentative deal between Hollywood studios and striking actors influenced individual stock movements. In commodities, oil prices rebounded after hitting a three-month low. The market's reaction to bond yields remains a key factor in stock performance.