Stocks pulled back from their record on Wednesday.

The Standard & Poor’s 500 slipped 0.2%, a day after topping its prior all-time high set in August. The Dow Jones industrial average dropped 341 points, or 0.7%, while the Nasdaq composite fell 0.2% from its own record.

Stocks felt pressure as yields swung in the bond market. The yield on the 10-year Treasury climbed as high as 5.36% in the morning, up from 5.27% late Tuesday and near its highest level since 2002.

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. But the 10-year yield eased back to 5.28% later in the day after the U.S. Treasury sold $39 billion of…