Stocks slip on Wall Street under pressure from higher oil prices and rising bond yields

Stocks slipped on Wall Street as higher oil prices and rising bond yields put additional downward pressure on the market. The S&P 500 fell 0.7%, the Dow Jones Industrial Average dropped 0.8%, and the Nasdaq composite declined about 1%.

Why it matters: Oil prices surged, with Brent crude rising 4.6% to $94.65 (or 2.3% to $92.61 according to other reports), contributing to inflation concerns and boosting bond yields.