Wall Street down as oil rises, yields over 5%

U.S. stocks steadily declined as oil prices rose and U.S. Treasury yields surpassed 5%, amid concerns over interest rate hikes and their impact on the market, especially with escalating tensions in the Middle East which boosted the energy sector's performance. Starting from the session, the Dow Jones Industrial Average decreased by 0.63%, the S&P 500 by 0.45%, and the Nasdaq by 0.78%. The market now prices in a 94.5% chance of an interest rate increase, following a roughly 25% surge in oil prices, which adds pressure on the markets. Meanwhile, markets are anticipating a series of rate hikes that will influence inflation and the economy overall, as bond yields continue to rise and technology stocks and cryptocurrencies decline.

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