dpTraders work at the New York Stock Exchange on Aug. 25, 2026.
NYSE
Stocks rose on Wednesday as U.S. Treasury yields took a breather from the recent run-up that sent them to multiyear highs.
The S&P 500 traded up 0.6%, and the Nasdaq Composite gained 0.5%. The Dow Jones Industrial Average added 264 points, or 0.5%, boosted by a rise in shares of Nvidia and Johnson & Johnson.
Stocks have been pressured lately by elevated bond yields as traders worried about the impact of rising oil prices on inflation. The S&P 500, as well as the tech-heavy Nasdaq and 30-stock Dow, are currently on track to snap a three-day losing streak.
The benchmark U.S. 10-year Treasury note yield hit a high of 4.818% on Wednesday — a level not seen since November 2023. Yields in the U.K., Germany and France also rose. In Japan, the 10-year government bond yield traded around multi-decade highs.
The major averages saw gains Wednesday as the latest rise in yields eased, with the 10-year yield last trading around the flatline.
“The key driver is oil,” Jay Hatfield, CEO of Infrastructure Capital Advisors, said to CNBC, noting that the market is rangebound in a seasonally weak period. “That’s why the market is able to get a little rally today, because oil’s topping out.”
West Texas Intermediate crude futures were last trading above $90 per barrel, while Brent crude futures were trading above $95 a barrel. The gains come as the U.S. launched more military strikes on Iran, raising concern that the conflict could escalate once more.
Hatfield said while he doubts there will be a peace deal between Iran and the U.S., the recent rise in oil prices may be short lived. He expects the S&P 500 to bottom out at 7,500.
“We believe oil will trend down over the next six months as non-OPEC production ramps up and alternative oil routes develop,” he added.
Energy Secretary Chris Wright told CNBC Wednesday that more than 17 million barrels of oil moved through the Strait of Hormuz on Monday. That’s the highest level since the Iran war broke out in February.
