US stocks declined on Wednesday as Treasury yields surged to their highest levels in over twenty years, with the Dow Jones Industrial Average dropping 503 points.
The 10-year Treasury yield rose over 8 basis points to around 5.356%, reaching its highest level since April 2002, while the 30-year yield climbed to 5.725%.
Bank stocks fell sharply due to concerns over lending activity, and technology stocks declined amid worries that higher financing costs could slow infrastructure spending.