S&P 500 Pulls Back as Brent Tops $102 and Treasury Yield Nears Two-Decade High

The S&P 500 pulled back on Oct. 7 after setting a record in the prior session, while Brent crude topped $102 and the 10-year Treasury yield rose to its highest intraday level in more than two decades.

The index closed at 7,801.77, down 17.16 points, or 0.2%. Its decline followed a move above the previous August all-time high. The retreat came as investors approached the next U.S. corporate earnings season.

The Nasdaq Composite also fell, ending at 27,538.69, down 61.20 points. The decline extended beyond the large-cap benchmark, with the technology-heavy Nasdaq Composite also falling.

Brent crude rose above $102 during trading before settling at $100.20, down 0.4%. The $102 mark was an intraday high rather than the settlement price.

The 10-year Treasury yield reached an intraday high of 5.36%, up from 5.27% late Tuesday and near its highest level since 2002. The yield figure represents the session high, not a closing level.

The market move followed the S&P 500’s record-setting advance in the prior session, leaving investors focused on oil prices and Treasury yields as earnings reports approach.