Long-term U.S. Treasury yields climbed to 24-year highs on Wednesday, with the 10-year and 30-year yields touching 5.35% and 5.73%, the highest levels since 2002. European stocks slid, with the Stoxx 600 down 1% and major indexes in France, Germany and Italy posting steep losses. U.S. equities also opened lower, with the S&P 500 off 0.6% and the Nasdaq Composite down 0.8%, while Brent crude rose 1% to above $102 a barrel. The U.S. Treasury Department was set to sell a $39 billion 10-year note tranche later that day.

U.S. consumers have filed a federal lawsuit against Starbucks, alleging its “sugarfree” protein drinks contain 13 to 21 grams of sugar per serving—an amount the suit compares to a Kit Kat bar. The plaintiffs argue the “sugarfree” label would mislead a reasonable consumer. The case seeks damages for consumers nationwide, and asks the court to order Starbucks to stop using the “sugarfree” label on products that contain sugar. Starbucks has not publicly responded.

A California judge formally approved Paramount Skydance’s settlement with California and other states, removing the last hurdle to closing its $110 billion takeover of Warner Bros. Discovery. The merger would combine assets including CBS News and CNN, HBO Max and Paramount+, and the Warner Bros. and Paramount Pictures studios. Paramount Skydance CEO David Ellison named Mattel CEO Ynon Kreiz as co-CEO of the combined company and pledged to invest more than $1 billion in U.S. film production and worker training. Paramount shares have fallen more than 20% since the start of the year as the deal remained in limbo.

Eli Lilly’s GLP-1 drug retatrutide posted late-stage results in The Lancet and the New England Journal of Medicine. The data showed people with Type 2 diabetes lost up to 60 pounds (about 23%), while obese patients without diabetes lost up to 70 pounds (about 25%). The trials also found up to 40% of patients reached an A1C below 5.7%, under the threshold used to diagnose diabetes and prediabetes.

After the United States and Israel went to war with Iran, average U.S. gasoline prices rose from just under $3 a gallon to about $4.50, while diesel jumped from $3.75 to a record $6.52. The surge has reignited inflation pressures and weighed on consumer sentiment. The share of respondents who said Donald Trump helped the economy fell to 26% in September from 35% in March.

Oil prices surged on Monday after Saudi Arabia shut a key pipeline and talks on the future of the Strait of Hormuz were postponed. The U.S. national average price of diesel rose to a record $6.23 per gallon, up 75% so far this year. The national average price of unleaded regular gasoline climbed to $4.31 per gallon, up more than 45% since the Iran war began.

International oil prices pushed through $100, with Brent crude closing up 3.3% at $101.21 a barrel and WTI up 3.2% at $96.05. Both contracts posted their highest closing levels since May 22. Fresh developments in the U.S.-Iran conflict raised concerns about supply risks in global energy markets.

U.S. Treasury Secretary Scott Bessent sought to cool what he called market “fever,” but a Treasury announcement to repurchase $6 billion of 10- to 20-year government bonds instead coincided with a jump in yields. The 10-year yield climbed to 4.85%, its highest since November 2023, while the 20- and 30-year yields rose to 5.3%. Stocks slipped at midday, with the Nasdaq Composite down 0.8% and the S&P 500 off 0.6%. Investors have also been focused on concerns that the Iran conflict and President Donald Trump’s trade policies could lift inflation, as U.S. national debt has surpassed $40 trillion.

Amazon-owned autonomous driving company Zoox has received the first approval from the U.S. National Highway Traffic Safety Administration (NHTSA) to launch paid robotaxi service without a safety driver or a steering wheel. The approval covers up to 2,500 vehicles per year for each of the next two years. Zoox will start in Las Vegas, with expansion to other markets depending on state requirements. The development is seen as a key regulatory breakthrough for Amazon’s push to commercialize autonomous ride-hailing.