US stocks slip as oil prices rise and bond yields jump

• US stocks slipped to open the Wednesday session as oil prices climbed again.
• President Biden is set to meet with European allies on Thursday to discuss the ongoing war in Ukraine.

US stocks dropped Wednesday, with a renewed rise in the price of oil causing investors to weigh inflation concerns as the conflict in Ukraine wears on.

The yield on the 10-year Treasury note surged this week following Powell's latest comments about potentially more aggressive rate hikes. The benchmark bond yield jumped to as high as 2.4% on Wednesday before dipping back down to 2.35% closer to the opening bell.

President Joe Biden is set to meet with European leaders in Brussels and Warsaw on Thursday to strategize on further sanctions on Russia and ways to prevent escalation of the war in Ukraine.

In the UK, inflation hit a 30-year high, while the MSCI All-World index is heading for a 1% gain this week.

Here's where US indexes stood as the market opened at 9:30 a.m. on Wednesday:

• S&P 500: 4,487.34, down 0.54%

• Dow Jones Industrial Average: 34,638.77, down 0.48% (168.69 points)

• Nasdaq Composite: 13,983.26, down 0.89%

Billionaire investor Carl Icahn is forecasting a recession ahead, and he said he predicts a rough landing for the Fed.

Activist investor Ryan Cohen bought up 100,000 GameStop shares through his investment firm, RC Ventures, causing the Reddit-favorite to soar 20%.

Meanwhile, Russia's Cold War-era currency deal with India to avoid dollar-based trade could return as soon as next week.

Oil rose, with West Texas Intermediate up 3.2854% to $112.87 a barrel. Brent crude, the international benchmark, rose 3.38% to $119.42 a barrel.

Gold slipped to 1,940.50 per ounce.

Bitcoin inched lower by 0.88% to $42,190.47.