10-Year Treasury Yield Backs Off 24-Year High After Solid Auction; Stocks Retreat From Records

The 10-year Treasury yield peaked near 5.35%, its highest since April 2002, before easing after a solid 10-year note auction eased demand fears. The 30-year reached about 5.73%. Stocks dipped from record highs on bond-market jitters, with rising borrowing costs remaining the key risk channel.