Wall Street Pulls Back From Record Highs as Oil and Treasury Yields Climb

US stocks retreated from the record levels set earlier in the week: the Dow fell 464.02 points (-0.85%) to 53,885.10, the S&P 500 slipped 0.18% to 7,709.96, and the Nasdaq dropped 0.8% to 26,363.44. The pullback looked more like profit-taking than a sentiment shift — trading stayed orderly — but was accompanied by global oil prices rising to roughly $83/barrel on continued Strait of Hormuz uncertainty (Iran announced a tentative shipping arrangement with Oman, though implementation remained unconfirmed) and the 10-year Treasury yield climbing to 4.67% (30-year to 5.21%). Separately, weekly initial jobless claims for the week ending Aug 1 came in at 199,000, still historically low despite ticking up slightly, extending the longest sub-200K streak since 1969.