US stock market today (May 18, 2026): Wall Street turns mixed as Treasury yields ease and oil prices retreat

US stock indexes traded mixed on Monday as easing Treasury yields and lower oil prices helped calm some investor concerns after last week's bond-market selloff, according to a Reuters report.

The Dow Jones Industrial Average gained 139.25 points, or 0.28 per cent, to 49,665.42 in early trading. The S&P 500 edged up 3.27 points, or 0.04 per cent, to 7,411.61, while the Nasdaq Composite slipped 35.93 points, or 0.14 per cent, to 26,189.22.

The 10-year US Treasury yield, a key benchmark for borrowing costs globally, eased to 4.573 per cent after rising as high as 4.631 per cent earlier in the session, its highest level since February 2025.

Oil prices also moved lower, with Brent crude falling nearly 2 per cent following reports that the US had proposed a temporary waiver on Iranian oil sanctions, easing concerns around supply disruptions. Iranian officials did not immediately comment on the reports.

"Yields are key to all of this because growth stocks, especially AI-related companies, are priced on forward-looking earnings. When yields move higher, their current valuations come down. That's really the key issue for the market," Robert Pavlik, senior portfolio manager at Dakota Wealth, said.

The recent bond-market selloff had been driven by a sharp rise in oil prices, which intensified concerns that inflation could remain elevated and keep borrowing costs higher for longer amid stalled efforts to end the Iran conflict.

Consumer services and financial stocks led gains within the S&P 500, while information technology and energy stocks lagged.

Wall Street had rallied strongly in recent weeks, with the S&P 500 and Nasdaq hitting record highs amid continued enthusiasm around artificial intelligence despite inflation concerns.

Investors are now closely watching upcoming corporate earnings announcements.

Nvidia, the world's most valuable company, is scheduled to report earnings on Wednesday. Its shares have risen 36 per cent from their March lows, while the Philadelphia Semiconductor Index has surged more than 60 per cent this year on strong AI-related demand.

Walmart is also due to report results this week, with investors expected to monitor signs of consumer spending patterns amid rising energy prices and inflation concerns.

Among individual stocks, Dominion Energy jumped 10.5 per cent after NextEra Energy announced an all-stock acquisition deal valued at about $66.8 billion. NextEra shares fell 4.2 per cent.

Regeneron shares dropped 11.5 per cent after its experimental treatment missed the primary target in a late-stage trial involving advanced melanoma patients.

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