U.S. Stocks Close Lower: Nasdaq Falls 1.13%, S&P 500 Down 0.75%

All three major U.S. stock indexes closed lower Wednesday. The S&P 500 fell 0.75% to 7,706.03, the Nasdaq Composite declined 1.13% to 26,936.04, and the Dow Jones Industrial Average dropped 0.68% to 51,511.59.

CNBC reported that rising U.S. Treasury yields and concerns that the Federal Reserve could raise interest rates further put pressure on stocks.

“Policy may still need to be adjusted further to bring inflation back to target in a timely manner,” Federal Reserve Governor Michael Barr said.

Utilities and consumer discretionary stocks each fell more than 1%, leading declines across the market.

Energy prices rose. Brent crude futures gained about 3.9% to $103.08 a barrel, while West Texas Intermediate crude rose 1.8% to $92.16 a barrel.