The Globe and Mail reports in its Thursday edition that U.S. and Canadian stocks closed lower on Wednesday, as climbing Treasury yields pressured megacap stocks on Wall Street and investors grew less confident about strong rate cuts from the Federal Reserve. A Reuters dispatch to The Globe says the benchmark 10-year U.S. Treasury yields reached a three-month high with investors reassessing the Fed rate-cut outlook over the next few months against the backdrop of strong economic data and the coming presidential election in which a Donald Trump win is being seen as inflationary. "The market is struggling to digest this latest backup in yields," said Adam Turnquist, chief technical strategist for LPL Financial. While the Bank of Canada cut its trend-setting overnight rate by 50 basis points, that came as little surprise to markets, and bond yields in Canada followed their U.S. counterparts higher across the curve. U.S. 10-year yields have broken above key technical levels, including the 200-day moving average and the 50-per-cent Fibonacci retracement from their April-to-September fall. The S&P/TSX Composite Index ended down 143.08 points at 24,573.62, extending its pullback from an all-time closing high on Friday.