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Equities retreated from record highs on Wednesday as Treasury yields surged to multi-decade levels and Federal Reserve minutes confirmed that officials anticipate another interest rate increase before the year concludes.
The S&P 500 and the Nasdaq Composite each declined by 0.22%, while the Dow Jones Industrial Average lagged further, dropping 0.66%.
The sell-off occurred amid rising bond yields that reached their highest points since 2002. The benchmark 10-year Treasury yield climbed to 5.365%, while the 30-year note also hit its peak since that year.
The 10-year yield subsequently eased following a Treasury auction in which the government sold $39 billion in notes.
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