U.S. stocks closed lower across all five major indices on Wednesday. The Russell 2000 fell 1.77%, the largest percentage decline of the group, while the Nasdaq Composite gave back 1.13%.The bond market was a big part of the story. The 10-year Treasury yield rose 14.09 basis points to 5.1079%. September’s flash U.S. composite PMI climbed to 58.4 from 56.0 in August, adding to the picture of firm growth and persistent price pressure. Fed Governor Michael Barr also said further rate hikes are likely needed. That combination kept the pressure on stocks. U.S. stock indices falls led by the small cap Russell 2000Dow Industrial Average: 51,517.16, down 352.04 points or 0.68%S&P 500: 7,706.40, down 58.23 points or 0.75%Nasdaq Composite: 26,936.04, down 308.24 points or 1.13%Russell 2000: 2,838.6660, down 51.2528 points or 1.77%Nasdaq 100: 30,470.29, down 262.10 points or 0.85%Treasury yields rise sharply as the market prices in an October hikeThe US treasury yields moved sharply higher as traders price in an October hike by the Fed. The probability is at 66% after rising to 74% intraday. That meeting take place at the end of October and just before the November elections. 2-year: 4.8931%, up 11.61 basis points5-year: 4.9920%, up 15.00 basis points10-year: 5.1079%, up 14.09 basis points30-year: 5.3967%, up 9.37 basis pointsHigher yields give investors a greater return on bonds and raise borrowing costs for businesses and consumers. They can also make the future earnings of growth companies less attractive at today’s prices. That does not mean every stock must fall when yields rise, but today’s move in the bond market gave equity buyers a tougher job.Winners and losersThe broader market fell, but there were some sizable winners. Palo Alto Networks rose 5.00% and CrowdStrike gained 4.97%. Palantir advanced 3.71%, Fortinet added 2.57%, and Cadence Design Systems climbed 2.03%. Those gains show that buyers were still willing to step into selected technology names even as the Nasdaq declined.On the losing side, Airbnb fell 7.56%, Chewy dropped 5.62%, Alaska Air lost 5.27%, Booking declined 5.07%, and McDonald’s fell 4.80%. Alibaba ADRs were down 4.76%, First Solar lost 4.39%, and Best Buy dropped 4.25%. The declines in those individual shares were considerably larger than the S&P 500’s 0.75% slide. The supplied movers list does not establish a common catalyst for each move.Oil rises; metals and Bitcoin fallThe supplied crude oil quote rose $1.98, or 2.19%, to $92.50. Higher energy prices remain another inflation concern: fuel costs can work their way into transportation, farming and other goods. Gold fell 1.73% to $4,284.24, silver dropped 3.93% to $64.391, and Bitcoin declined 1.98% to $84,495.A lesson for tradersA falling index does not mean every stock is falling. Today, several technology shares posted strong gains while the Nasdaq Composite closed lower. Start with the broader market bias, then look at whether an individual stock is showing enough strength to move against it. That relative strength can be useful, but buyers still need the price to hold its gainsRelated analysisUS yields move to multi year highs as the wall of worry is growingUS September S&P Global flash services PMI 58.7 vs 56.0 expectedFed's Barr: Further rate hikes are likely needed to ensure timely return to 2% inflation This article was written by Greg Michalowski at investinglive.com.