🔴 S&P 500 ETF (SPY) is trading 0.8% down as 30-year Treasury yield neared 5.24%

SPY is trading at $762.88 (-0.8%) as rising long-term Treasury yields renewed pressure on the S&P 500.

• The 30-year yield approached 5.24%, while oil prices climbed amid continuing Iran and Strait of Hormuz tensions, intensifying inflation concerns.
• Wednesday’s bond-buyback relief faded, while Walmart’s weak comparable-sales growth and outlook pressured consumer and economically sensitive shares.
• Technology stocks faced valuation pressure from higher rates.