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US bonds sell off as rising oil prices create inflation anxiety

NEW YORK (AP) — Rising oil prices raised inflation fears and pushed bond yields higher Tuesday, weighing down stocks on Wall Street. The weak start to September follows a shaky, but mostly positive month for Wall Street. Every major index notched monthly gains in August. The same worries continue to hang over Wall Street, though, including anxiety over stubborn inflation, rising government debt, and the impact on the economy from global conflicts. The S&P 500 fell 0.7%. The Dow Jones Industria

7:54 PM

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NEW YORK (AP) — Rising oil prices raised inflation fears and pushed bond yields higher Tuesday, weighing down stocks on Wall Street.

The weak start to September follows a shaky, but mostly positive month for Wall Street. Every major index notched monthly gains in August. The same worries continue to hang over Wall Street, though, including anxiety over stubborn inflation, rising government debt, and the impact on the economy from global conflicts.

The S&P 500 fell 0.7%. The Dow Jones Industrial Average fell 302 points, or 0.6%, as of 9:54 a.m. Eastern time. The Nasdaq composite fell 1.1%.

Technology stocks were among the heaviest weights on the market. Nvidia fell 1.7% and Micron Technology fell 2.1%.

Much of the pressure being felt by Wall Street is coming from an ongoing sell-off in U.S government bonds. The yield on the 10-year Treasury, which tends to impact mortgage rates, rose to 4.78% from 4.75% late Monday.

The yield on the 2-year Treasury, which closely tracks expectations