Stock market today: Live updates

Stock futures fell Wednesday as traders fretted over another move higher in Treasury yields.

Dow Jones Industrial Average futures lost 424 points, or 1%. Futures tied to the S&P 500 shed 0.8%, as did Nasdaq-100 futures.

The 30-year Treasury bond yield moved back above 5% on Wednesday, while the benchmark 10-year Treasury note yield traded over 4.53%. Yields moved above those key levels earlier in the week after Moody’s downgraded U.S. bonds late Friday.

The latest moves come as traders look to Washington as Republican leaders work to finalize a budget bill that would lower taxes. However, the measure has faced pressure from GOP members looking for higher deductions on state and local taxes.

Wednesday’s action comes after a tough session for the three major averages. The S&P 500 ended a six-day win streak, while the Nasdaq Composite saw its first negative day in three. The Dow fell more than 100 points, breaking a three-day positive streak.

That marks a pullback amid a major recovery rally for U.S. equities. Investors had been cheering progress on trade deals following President Donald Trump’s announcement of broad and steep tariffs last month.

All three major averages are still above where they traded on April 2, the day Trump unveiled his import tax policy. The S&P 500 is now up on the year, a sharp reversal after at one point falling on an intraday basis into bear market territory, a term referring to a decline of at least 20% from a recent high.

“The equity market’s recovery over the past month has been extraordinary in terms of both speed and scale,” said Kristian Kerr, head of macro strategy at LPL Financial. “While it may be tempting to interpret this powerful rally as a definitive signal that risks have subsided, the reality is that plenty of uncertainty remains.”