Rising global bond yields halt S&P 500’s extended run

US stocks followed their European and Asian peers lower as concerns about accelerating inflation surged, triggering a spike in global bond yields amid the likelihood of higher-for-longer oil prices and higher interest rates. There also was some profit taking during the final Wall Street session of the week.

Oil spiked back above $US109 a barrel, gold fell below $US4600 an ounce. While there was no specific escalation in hostilities between the US and Iran, it is becoming clearer that there will be no near-term resolution either, leaving the Strait of Hormuz effectively closed indefinitely.

Source: https://www.afr.com/markets/equity-markets/rising-global-bond-yields-temporarily-pause-s-and-p-500-s-extended-run-20260516-p5zxo0