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(CNBC) — Stocks moved lower on Wednesday as Wall Street struggled to extend its rally amid a sharp rise in Treasury yields.

The Nasdaq Composite lost 0.85% to close at 10,680.51. The S&P 500 ticked down 0.67% to 3,695.16. The Dow Jones Industrial Average slipped 99.99 points, or 0.33%, to finish the day at 30,423.81. The losses ended a two-day winning streak, though all three averages are still up for the week.

Earnings season is off to a solid start, but Treasury yields remained elevated on Wednesday, suggesting that recession fears are still intact. The 10-year Treasury yield traded as high as 4.136%, the highest level since July 23, 2008.

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