LONDON — October 7: U.S. stocks pulled back Wednesday after major indexes recently reached record highs, as rising Treasury yields added pressure to financial markets.

The S&P 500 fell about 0.3%, while the Dow Jones Industrial Average declined roughly 0.7%. The Nasdaq Composite dropped about 0.4%.

At the same time, the yield on the benchmark 10-year U.S. Treasury note rose to 5.31%, bringing it close to levels not seen since 2002.

Higher Treasury yields can put pressure on stocks because they increase borrowing costs for businesses and consumers and can make bonds relatively more attractive to investors. Rising yields can also weigh particularly heavily on high-growth technology companies, whose valuations are more sensitive to changes in interest rates.

The latest market moves come as investors continue to assess the outlook for inflation, interest rates, government borrowing and the broader U.S. economy.

The combination of elevated Treasury yields and a pullback in equities is being closely watched by investors as financial markets adjust to changing expectations about the U.S. economic and policy outlook.