S&P 500 Drops as 10-Year Treasury Yields Threaten 5% on Rate Hike Bets

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News Summary

U.S.
10-year Treasury yields surged to 4.943%, nearing the 5% mark amid climbing oil prices and stubborn wholesale inflation.
Higher borrowing costs and rising probabilities of a Federal Reserve rate hike triggered broad declines across equity markets, with the S&P 500 falling 0.58%.

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