US stocks declined Wednesday morning after a stronger-than-expected S&P Global flash US composite purchasing managers’ index pushed Treasury yields higher. The S&P 500 fell about 0.5% and the Nasdaq Composite roughly 1%, while the 10-year Treasury yield moved back above 5%. The moves were intraday snapshots rather than closing results. The PMI rose to 58.4 in September from 56.0 in August, its highest reading since July 2021. Readings above 50 indicate expanding business activity. The report showed rising new orders, larger work backlogs and supply delays, with S&P Global saying capacity pressures were contributing to higher prices. That combination supports growth but also keeps inflation and interest-rate risks in focus. The Federal Reserve had raised its target rate by a quarter percentage point to 3.75%–4% on September 16, while the policy-sensitive two-year Treasury yield reached a 27-month high Wednesday. Higher yields can improve the relative appeal of Treasuries, raise corporate financing costs and weigh more heavily on expensive technology stocks whose expected profits are farther in the future. Wednesday’s closing prices will provide a fuller picture of the market reaction.