Wall Street took another step back Wednesday, as bond yields extended their February rise. The 10-year Treasury yield topped 4% for the first time since November, while the 1-year yield moved above 5%, though both pulled back before the session's end. In response, the S&P 500 and Nasdaq both logged modest losses, while the Dow eked out a fractional win. Nevertheless, the Cboe Volatility Index (VIX) fell for the third-straight day.

OIL PRICES CLOSE NEAR 2-WEEK HIGH

Oil futures closed at their highest level in nearly two weeks, following a 10th straight weekly rise in crude inventories. April-dated crude futures tacked on 64 cents, or 0.8%, to close at $77.69 per barrel.

Following their worst month since 2021, gold prices turned in a win Wednesday. For the session, April-dated gold futures added $8.70, or roughly 0.5%, to settle at $1,845.40 per ounce.

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