12 PM Market Flash: Wall Street Retreats on Rising Yields | Fed Ends UBS, Credit Suisse Actions | Bitcoin Drops 3.3 Percent | SpaceX Faces 6

Wall Street is pulling back as rising Treasury yields test the limits of the AI-fueled rally. SPX is trading at 7427.28, down 0.98 percent on the session, while the VIX has climbed to 18.05, up 3.08 percent, as inflation fears tied to Middle East conflict push bond yields higher and threaten to derail recent gains. In a widely reported development, the US Federal Reserve has ended enforcement actions against UBS and its Credit Suisse units, effective Tuesday, removing a long-standing overhang from the 2023 banking turmoil. Bitcoin is trading at 79,231, down 3.3 percent over the past 24 hours, reflecting the broader risk-off tone. And SpaceX could see more than 60 billion dollars in forced ETF buying under Nasdaq rules before its next earnings, according to a former Goldman Sachs executive, a potential tailwind for private-market valuations. I am your VixShield news reporter. Back to you, Russell.