US stocks slip on rising treasury yields, DOW at three week low

The US stocks slipped on Thursday amid a rebound in bond yields.The yield on the 10-year U.S. Treasury note rose by more than 5 basis points to 4.704%, surpassing the level prior to the Treasury Department's announcement of an expanded repurchase program; the 30-year yield also increased by over 5 basis points to 5.248%. Earlier this week, the 30-year yield briefly touched its highest level in nearly two decades.

In an interview on Thursday, Treasury Secretary Bessent stated that the scale of the repurchase program "could exceed" the announced $4 billion. At the close, the Dow Jones dropped 703.84 points, or 1.32%, to 52,759.21. The S&P 500 declined 0.87% to 7,641.16, and the Nasdaq Composite dropped 1% to 26,067.17. This marks a pullback for the three major indices after they had ended a three-day losing streak in the previous session. Oil prices continued to soar, keeping outlook on inflationary trend cautious. Equities slipped in Europe as well. With this slide, the DOW has eased to three week low.

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