Stock Market Today: S&P 500, Nasdaq waver as Big Tech stocks provide support; Dow down as Treasury yields and oil prices rise; Trump meets with Xi

U.S. equities closed mixed Thursday as rising Treasury yields and oil prices created headwinds for cyclical sectors. The Dow declined while the S&P 500 and Nasdaq finished nearly flat, supported by strength in large-cap technology names. The 10-year Treasury yield climbed to 5.163%, marking its highest close since 2007 and continuing the bond selloff that has pressured equity valuations.

Higher borrowing costs weighed particularly on rate-sensitive sectors, pushing the Dow into negative territory even as megacap tech stocks provided a defensive bid for the broader indexes. Oil prices advanced alongside Treasury yields, adding to inflationary concerns and complicating the Federal Reserve's policy outlook.

The split performance underscores the market's narrow leadership, with a handful of technology stocks masking weakness in economically sensitive areas. The yield surge past levels not seen in seventeen years signals investors are repricing rate expectations and demanding higher compensation for duration risk.