10-year Treasury yield hits highest level since 2002 as stocks retreat: AlphaCheck

What happened: Stocks retreated as long-dated bonds climbed and Brent crude rose back above $100 per barrel. The 10-year Treasury yield rose to 5.34%, its highest since 2002, while the 2-year climbed to 4.82%. Key numbers: 10-year Treasury yield 5.34%, highest since 2002. 2-year Treasury 4.82%. Brent crude above $100 per barrel. Why it matters: The 10-year yield is a benchmark for mortgages and other loans. Stocks are coming off all-time highs, though the breadth of the market rally has deteriorated in recent weeks. Tech stocks retreated, with Nvidia and AMD falling from all-time highs.

Stocks retreated as long-dated bonds climbed and Brent crude rose back above $100 per barrel. The 10-year Treasury yield rose to 5.34%, its highest since 2002, while the 2-year climbed to 4.82%.

The 10-year yield is a benchmark for mortgages and other loans. Stocks are coming off all-time highs, though the breadth of the market rally has deteriorated in recent weeks. Tech stocks retreated, with Nvidia and AMD falling from all-time highs.