Wall Street ends lower as oil spikes and the benchmark Treasury yield breaches 5%
SPY•Individual movers and crypto weakness
Dave & Buster's tumbled following the company's second-quarter revenue miss.
Waystar rose after Reuters reported the healthcare software firm is exploring options, including a potential sale.
Weakness in bitcoin was compounded by the U.S. Senate not advancing comprehensive cryptocurrency legislation, in a blow to digital asset companies. Crypto firms Coinbase and Strategy closed sharply lower.
Stocks close lower across major indexes
According to preliminary data, the S&P 500 lost 34.47 points, or 0.45%, to end at 7,585.51 points, while the Nasdaq Composite lost 202.84 points, or 0.77%, to 25,983.58. The Dow Jones Industrial Average fell 330.74 points, or 0.63%, to 52,090.46.
Wall Street extends selloff as yields and oil climb
Wall Street extended its selloff on Tuesday, as rising U.S. Treasury yields, mounting debt concerns and soaring crude prices kept buyers on the sidelines.
All three major U.S. stock indexes extended Monday's losses as broad risk-off sentiment weighed on nearly every sector but energy. That sector benefited from expanding hostilities in the Middle East, which included new attacks on Saudi Arabia's energy infrastructure.
Fed meeting, oil surge and rate-hike bets weigh on markets
The Federal Reserve has convened for its two-day monetary policy meeting, which is due to culminate on Wednesday with the central bank's rate decision. With recent economic data showing the labor market on solid footing, while war-related energy price pressures are morphing into broader, systemic inflation, the central bank is expected to implement a 25-basis-point increase to its Fed funds target rate — its first interest rate hike in over three years.
