S&P 500 and Nasdaq set for first weekly loss since late July

Free daily briefing on global business news.

Rising Treasury yields and inflation fears drove a broad selloff, leaving the S&P 500 down nearly 2% for the week

Spencer Platt / Getty Images

The S&P 500 and Nasdaq $NDAQ Composite are heading for their first weekly losses since late July, dragged down by rising Treasury yields and fears over higher inflation.

Through Thursday's close, the S&P 500 had lost 1.9% on the week and the Nasdaq 2.5%, enough to end each index's three-week run of gains. The Dow Jones Industrial Average has declined 1.8% week to date, on track for back-to-back weekly losses.