Major U.S. indices closed in the red on Wednesday as investors reacted to multi-month highs in oil prices and elevated Treasury yields, leaving only 38% of S&P 500 stocks above their 50-day moving averages.
Dow Jones Industrial Average dropped 0.8% as oil and Treasury yields climbed.
S&P 500 fell 0.5% amid rising oil prices and multi-year yield highs.
Nasdaq Composite declined 0.6% in a risk-off session.
Oil prices rose to their highest point in months, pressuring equities.
U.S. equities finished Wednesday's session lower as surging oil prices and climbing Treasury yields triggered a broad market sell-off. The Dow Jones Industrial Average led the decline with a 0.8% drop, while the S&P 500 and Nasdaq Composite retreated 0.5% and 0.6% respectively.
Stocks fell due to a combination of rising oil prices reaching multi-month highs and climbing Treasury yields, which increased pressure on equity valuations.