Stocks fell as Yields on the US government’s longest-dated bonds climbed to the highest level in more than two decades, the latest milestone notched in an extended bond selloff driven by inflation and fiscal concerns.

The S&P 500 looked set to nearly erase its early-week advance as futures fell 0.64%. Nasdaq 100 contracts dropped 1.01%.

The rate on 30-year Treasuries rose as much as four basis points on Thursday to 5.44% at one time, the highest since 2004, after Brent crude oil prices jumped. It follows a surge this week that left yields across maturities around the highest levels since 2007.

“People are running out of superlatives for the yield on the 30-year bond,” said Ed Al-Hussainy, a portfolio manager at Columbia Threadneedle. “Investors are saying, ‘Look, if we’re going to lock up our money for 30 years, we need much higher compensation.’”

Pressure on long-dated bonds has mounted as economic growth, elevated energy prices as well as inflation and heavier government borrowing prompt investors to demand more compensation for locking up money for decades.

The continued rise of the 30-year yield undercuts the Treasury Department’s efforts to bring down long-term borrowing costs. As the selloff intensified, Treasury Secretary Scott Bessent in mid-August expanded the government’s bond buyback program in an effort to ease pressure — though it’s had little sustained impact in the market.