Finance

Treasury yields continued their upward march, adding pressure to equity and digital asset valuations worldwide. The 10-year Treasury yield neared 5.37% early in the session, its highest mark in 24 years, before moderating slightly after a notes auction. Concurrently, the 30-year bond yield hit 5.66%, indicating persistent anxiety over government debt and broader macroeconomic headwinds.

Oil prices experienced upward pressure, with global benchmark Brent crude steadying around $100 per barrel. The volatility followed reports of accelerating Iranian attacks on commercial vessels navigating the strategic Strait of Hormuz. Despite a G7 commitment to unleash emergency oil reserves, structural supply concerns continue to raise fears of prolonged energy-driven inflation.

Industrial giant Caterpillar saw its shares tumble by nearly 6% during Wednesday's trading session. Because the Dow Jones Industrial Average is a price-weighted index, this singular decline accounted for the overwhelming majority of the blue-chip index's losses. In contrast, cap-weighted indexes like the S&P 500 and Nasdaq weathered the sell-off more effectively due to localized gains in technology stocks like Micron.