US bond yields hit 24-year high: S&P 500 faces tough week ahead

The yield on 10-year US Treasury bonds has risen to 5.34%, the highest level in 24 years, which could weigh on Wall Street sentiment. The S&P 500 has gained nearly 13% this year and sits less than 1% below its all-time record. Investors are awaiting the Fed's meeting minutes, earnings season, and US Congressional elections in the coming week.