U.S. stocks are pulling back from their record on Wednesday.

The S&P 500 fell 0.6%, a day after topping its prior all-time high set in August. The Dow Jones Industrial Average was down 535 points, or 1%, as of 11 a.m. Eastern time, and the Nasdaq composite was 0.8% lower.

Stocks felt pressure as yields climbed in the bond market. The yield on the 10-year Treasury rose to 5.30% from 5.27% late Tuesday, and higher yields put downward pressure on prices for stocks and other investments. They can also slow the economy by making it more expensive for everyone to borrow money, and the 10-year yield is near its highest level since 2002.

Yields rose as oil prices ticked higher in their latest swing amid uncertainty about when the war with Iran…