US 30-year Treasury yield hits 24-year high, Wall Street falls

Rising long-term US interest rates pushed Wall Street lower on Tuesday, with all major indices declining as a 24-year high was reached. The yield on the US 30-year Treasury bond surpassed 5.61 percent, the highest level since 2002, before closing at 5.59 percent. The broad S&P 500 fell 0.2 percent, the Dow Jones industrial average dropped 0.3 percent, and the tech-heavy Nasdaq composite lost 0.1 percent. This marked the second consecutive day of losses for US stocks, according to Bloomberg data. The yield surge reflects ongoing concerns about inflation and Federal Reserve policy, continuing a trend of elevated long-term borrowing costs that have pressured equity markets in recent sessions.