US stock markets close slightly lower as bond yields stay near multi-decade highs

US stock markets closed slightly lower as consumer confidence dropped to a low point not seen in over twelve years. Government bond yields stayed close to multi-decade highs, which hurt investor mood ahead of new economic reports. Recent reports showed fewer job openings and a negative view of the economy among households. At the same time, different officials from the Federal Reserve shared differing opinions on whether the country needs more interest rate hikes.

Context

High government bond yields often make investors move money away from stocks into safer fixed-income options. Central bank officials frequently debate future interest rate changes based on shifting economic data like consumer confidence and job market numbers.