Stocks Weighed Down by Oil and Surging Yields

U.S. stocks and futures were volatile as rising oil prices and surging government bond yields weighed on equities, wiping out gains following Micron’s strong results and outlook. The 10-year Treasury yield reached about 5.3%, a multi-decade high, amid inflation concerns, heavy government borrowing and resilient economic growth. Oil climbed toward $100 a barrel as the U.S.-Iran conflict raised concerns about supply disruptions and persistent inflation. August PCE inflation came in below expectations, easing some pressure on rate-hike bets, while investors continued to watch economic data and the Federal Reserve’s next move. For September, the S&P 500 and Nasdaq finished higher, while the Dow fell about 3.5%.