Stocks were walloped today, as red-hot bond yields dented investor sentiment. The Dow shed 816 points, while the S&P 500 and Nasdaq sold off in dramatic fashion as well, the latter reversing a modest gain. All three major indexes suffered their worst single-session declines since April 21.

The 30-year Treasury yield was last seen at 5.10%, its highest level since 2023, and the 10-year Treasury yield at 4.5%. With Wall Street wary of a soon-to-be-passed budget bill piling on the debt level, the Cboe Volatility Index (VIX) reclaimed 20 today. 

U.S. SUPPLIES SPIKE DINGS OIL

Oil prices fell victim to a surprise gain in U.S. crude supplies today. June-dated West Texas Intermediate (WTI) lost 46 cents, or 0.7%, to settle at $61.57 per barrel. 

Gold prices took advantage of a weak dollar and safe-haven demand today. June-dated gold futures gained 0.7% to finish at $3,307 per ounce.

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