Oil down, but stocks lower as bond yields rise

SpaceX CEO Elon Musk speaks to the press next to US President Donald Trump, House Speaker Mike Johanson and Nvidia CE Jensen Huang after a meeting about artificial intelligence at the White House (Kent NISHIMURA) US and European stocks traded mainly lower Tuesday despite oil prices retreating from a recent surge, as bond yields pushed higher and investors waited for key inflation data. The US 30-year Treasury yield touched 5.62 percent, a level not seen for 24 years, while the benchmark 10-year yield stood at 5.25 percent, remaining at its highest level since 2007. "While energy prices pulled back a bit today, yields did not," Art Hogan, from B. Riley Wealth Management, told AFP. "Higher yields continue to pose a significant headwind for investors.