Major U.S. equity indexes declined Wednesday as the 10-year Treasury yield rose above 5%, reaching 5.05%, its highest level since 2007. The Dow Jones Industrial Average fell about 0.3%, the S&P 500 dropped roughly 0.4%, and the Nasdaq Composite lost around 0.8% after two consecutive record closes. Higher bond yields can weigh on technology and other growth stocks by reducing the present value of expected future earnings. Inflation concerns intensified after S&P Global’s preliminary U.S. composite PMI showed business activity expanding faster than forecast while also pointing to elevated energy-related input costs. Brent crude rose above $101 a barrel and West Texas Intermediate approached $92 amid tensions involving Iran and expectations of possible diplomatic progress. Investors are also focused on Thursday’s scheduled meeting in Washington between President Trump and Chinese President Xi Jinping. Reuters said discussions are likely to cover trade, rare earth supplies, artificial intelligence, Taiwan and Iran diplomacy. Xi’s visit runs from September 23 through September 25 and is his first state visit to the U.S. capital since 2015. Markets are not generally expecting a comprehensive agreement, but announcements on tariffs, semiconductor export controls or rare earth trade could affect technology and chip stocks. The outlook may depend on whether Treasury yields remain above 5%, oil prices stay elevated and the Trump-Xi meeting produces unexpected policy announcements.