Long-term bond yields hit a fresh 16-year high Wednesday, weighing on stocks already pressured by the conflict in Gaza and corporate earnings results.

The 10-year U.S. Treasury yield rose to 4.902%, the highest closing level since July 2007. The S&P 500 fell 1.3%. The Dow Jones Industrial Average shed 332.57 points, or 1%. The Nasdaq Composite lost 1.6%.