Dow Jones, S&P 500, NASDAQ decline amid rising yields, elevated oil prices

Wall Street suffered losses for the third straight day on Wednesday as rising treasury yields and oil prices influenced investors' sentiments.

The Dow Jones Industrial Average lost 0.77%, or 405 points, to settle at 52,380.66. The S&P 500 declined 0.48% to 7,636.36, while the NASDAQ Composite fell 0.64% to 26,253.34.

US Treasury yields advanced on Wednesday after the Treasury Department said that it will triple its buyback of longer-dated debt to $6 billion. The 10-year Treasury yield climbed to 4.84%, its higher level since November 2023.

Brent Crude, the international standard, rose 0.31% to $101.53 a barrel amid rising Middle East conflict. West Texas Intermediate gained 0.80% to $96.82 per barrel.

On September 9, US Central Command (CENTCOM) said that it has destroyed 10 Iranian crude oil carriers after the IRGC targeted a US Navy warship with ballistic missiles twice. The warship successfully evaded the attempted Iranian attacks, it said.

"No U.S. Navy warship has been struck; all IRGC attempted attacks failed. Meanwhile, U.S. forces have successfully destroyed 10 Iranian tankers in just the last week. These vessels were part of a multibillion-dollar shadow network that funds the IRGC, and Iran cannot defend them," the CENTCOM said.

Speaking to reporters, US President Donald Trump said that war with Iran will end after the US midterm polls in November. He also claimed that oil prices will decline sharply after the elections are over.

"I think the war is going to end immediately after the election because they cannot hold out any longer," he said.

Comcast Corporation (-6.60%), SpaceX (-3.85%), Airbnb (-2.81%), Alphabet Class A (-2.27%), Boeing (-2.04%), The Procter & Gamble Company (-2.02%), Nike (-1.96%) and Amazon (1.77%), among others, ended in red.

Apple shares ended 0.28% lower at $315.34 apiece after it unveiled iPhone 18 Pro, iPhone 18 Pro Max and iPhone Duo, the company's first foldable phone.