S&P 500 slips as Treasury yields rise on $4 trillion debt ceiling deal

The S&P 500 index slid lower as US Treasury yields spiked following the passage of a $4 trillion debt ceiling deal by the Trump administration. The benchmark 10-year Treasury yield climbed 5 basis points to 1.60%, putting pressure on equities. The US Dollar Index (DXY) also gained ground, rising 0.3% to 93.80, as demand for safe-haven assets increased. In the forex market, the US dollar strengthened against major currencies, with EUR/USD dropping 0.2% to 1.1780 and GBP/USD falling 0.3% to 1.3820. The FTSE 100 index also experienced a modest decline, slipping 0.1% as investors assessed the potential impact of higher borrowing costs on corporate earnings. Traders should closely monitor developments related to the US debt ceiling and their effect on financial markets, as any further yield increases could lead to additional volatility across asset classes.