US stocks fall as bond yields jump

US stocks closed lower on Tuesday as investors tracked the Federal Reserve meeting, rising crude prices, and climbing Treasury yields. The Dow Jones Industrial Average dropped 0.63% to 52,093 points. The S&P 500 declined 0.45% to 7,585 points, and the Nasdaq Composite fell 0.78% to 25,981 points.

Treasury yields advanced amid concerns that conflict between the United States and Iran could persist, fueling inflation and prompting tighter monetary policy from the Federal Reserve. The 10-year Treasury yield rose to 5%, its highest level since July 2007. The 30-year Treasury yield reached 5.4%. The central bank concludes its interest rate meeting on Wednesday.

West Texas Intermediate crude jumped 4.4% to $105.83 per barrel, marking its highest close since May. The move followed reports that Saudi Arabia canceled September crude deliveries to European customers after drone attacks from Iraq closed a key pipeline. Across market sectors, energy gained 2.3% and basic materials added 0.37%. Consumer discretionary fell 1.76% and utilities lost 1.2%.

In other markets, gold dropped to $4,336 per ounce at the close of trading. The euro traded at $1.1539, and bitcoin retreated to $76,130.