Nasdaq, S&P 500 slip from record highs as yields and oil rebound

The Nasdaq and S&P 500 retreated from record highs on Wednesday, as Treasury yields and oil prices surged. Investors remained cautious, awaiting the Federal Reserve's September meeting minutes. Brent crude surpassed the $100-a-barrel mark, amid Middle East supply worries. Analysts noted a profit-taking sentiment, with the market watching oil prices and yields for direction.

Chip stocks led the decline, with Micron Technology falling 2.3% and Nvidia down 0.7%. Energy and healthcare sectors gained, up 0.6% each. The Dow Jones Industrial Average fell 0.92%, the S&P 500 declined 0.56%, and the Nasdaq Composite dropped 0.85%. 30-year Treasury bond yields rose to their highest since 2002, at 5.72%, as the Fed was expected to keep rates steady but may hike rates in December.

The S&P 500's equal-weighted index was more than 5% below record highs, and the Russell 2000 small-cap index fell over 8% from its all-time high. Investors will focus on third-quarter earnings when they begin next week, with high-profile financial firms likely to report on Tuesday.