Treasuries fell while stocks rose as investors weighed the prospect of higher interest rates and rising oil prices. For the sixth day in a row, the dollar has risen.

The 10-year yield hit a 16-year high after oil hit a one-year high amid dwindling crude stockpiles and concerns about consumer pressures. The ICE BofA MOVE Index, which measures expected bond volatility, reached its highest level in a month.

After Biden touted the promise of artificial intelligence in a meeting with advisers, stock indexes recovered from a midday dip. The promise of executive action on AI in the fall helped the Nasdaq 100 end the day up 0.2%, with AI favorite Nvidia driving the tech-heavy index higher. After falling as much as 0.8%, the S&P 500 was little changed.

A potential shutdown that could cost up to $1.9 billion in lost or delayed revenue per day, as well as an autoworkers' strike, are causing concern among traders who are looking for any indication that Federal Reserve officials will soften their hawkish message.