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Wall Street Falls as Treasury Yields Surge, Oil Rebounds on Iran Tensions 
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Wall Street finished mostly unchanged on Thursday after a volatile session driven by surging oil prices, rising U.S. Treasury yields and increasingly hawkish Federal Reserve signals.
The S&P 500 closed nearly flat at 7,703.68, while the Nasdaq Composite ended at 26,939.37. Both indexes recovered from earlier declines of as much as 0.6% and 0.9%, respectively. The Dow Jones Industrial Average slipped 0.3% to 51,349.89.
Stocks regained ground after a report said U.S. and Iranian officials had discussed a phased agreement aimed at ending their conflict. The proposal reportedly included Iran reopening the Strait of Hormuz in exchange for Washington easing its economic blockade.
Oil remained a major source of market pressure. Brent crude climbed about 4.3% to $107.54 per barrel as investors assessed limited diplomatic progress between Washington and Tehran. Elevated energy prices have renewed concerns that inflation could remain stubbornly high.
Treasury yields also extended their sharp rise. The benchmark 10-year U.S. Treasury yield increased 9.3 basis points to 5.209%, reaching levels last seen in July 2007. Strong U.S. business activity and rising input costs have reinforced expectations that the Federal Reserve could tighten monetary policy further.
Markets now see nearly a 69% probability of another quarter-point Fed rate increase in October, up from roughly 55% a week earlier. Fed officials have also signaled that additional tightening may be necessary to contain persistent inflation.
Geopolitical attention centered on Chinese President Xi Jinping’s White House meeting with President Donald Trump. The leaders highlighted trade, security, technology and artificial intelligence as key areas for discussion, with both expressing support for improving U.S.-China economic relations.
Among individual stocks, Meta Platforms jumped 4.5% as enthusiasm continued around its Muse consumer AI agent, which has climbed to the top of Apple’s free-app rankings. Oracle fell 3.5% following a report that the company issued a force majeure notice related to its massive New Mexico AI data center project amid regulatory setbacks and local opposition.
