Rising Treasury yields cap global stocks; traders weigh tariffs, Fed rate cuts

Global bond selloff continued, pressuring Wall Street stocks and boosting the dollar. U.S. Treasury yield hit its highest since April 2024. The S&P 500 and Dow rose, while Nasdaq fell. European shares dipped. Strong U.S. economic data has dampened expectations for Federal Reserve rate cuts. Investors await comprehensive non-farm payrolls data on Friday.