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• The Dow Jones lost 269.24 points, or 0.8% to finish at 32,910.90
US stocks ended their two-day rally on Wednesday after oil prices hit a three-month high.
The Dow Jones Industrial Average lost 269.24 points, or 0.8% to finish at 32,910.90. The blue-chip index hit a session low of 32,824.37. The S&P 500 slipped 44.91 points, or 1.1%, closing at 4,115.77, and the Nasdaq Composite dropped 88.96 points, or 0.7%, ending at 12,086.27.
The 10-year Treasury yield rose 5.9 basis points to 3.028%, heading closer to its one-year peak of 3.124% reached a month ago.
The price of oil also rose, with U.S. benchmark West Texas Intermediate crude pushing well above $120 per barrel.
Market movers
Shares of Credit Suisse (NYSE: CS) fell 1% after the bank issued a profit warning for the second quarter, citing tighter monetary policy and the war in Ukraine.
Shares of Novavax Inc. (NYSE: NVAX) rose 5.4% after an advisory committee to the US Food and Drug Administration recommended its COVID-19 vaccine.
Chinese tech stocks provided some support to the Nasdaq, with the US-traded shares of JD.com and Pinduoduo rising about 7.7% and 9.7%, respectively.
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