US stocks are pulling back from their record on Wednesday.

The S&P 500 fell 0.2 per cent, a day after topping its prior all-time high set in August. The Dow Jones Industrial Average was down some 302 points, or 0.6 per cent, as of midday, and the Nasdaq composite was 0.4 per cent lower.

Stocks felt pressure as yields swung in the bond market. The yield on the 10-year Treasury climbed as high as 5.36 per cent in the morning, up from 5.27 per cent late Tuesday.

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 5.29 per cent later in the day after the US Treasury sold US$39 billion of…