US stocks erase early gains to turn mixed as spiking bond yields weigh on tech shares

• Stocks gave up gains to end mixed as investors lost confidence the Fed will slow down its tightening cycle.
• The Nasdaq declined as the 10-year Treasury yield surged as much as 10 basis points.

US stocks gave up early gains to finish mixed on Thursday as Wall Street lost confidence the Federal Reserve will slow down its tightening cycle.

The Nasdaq declined as the 10-year Treasury yield surged as much as 10 basis points. Famed economist Mohamed El-Erian said the Fed won't slow its tightening and predicted the central bank would raise benchmark rates "somewhere between" 50 and 75 basis points at the next meeting.

"I think the Fed is going to welcome the latest print, but it's not going to slow down in any significant manner," the top economist told CNBC.

Here's where US indexes stood at the 4:30 p.m. closing bell on Thursday:

• S&P 500: 4,207.27, down 0.07%

• Dow Jones Industrial Average: 33,336.67, up 0.08% (27.16 points)

• Nasdaq Composite: 12,779.91, down 0.58%

Early in the trading session, stocks rallied after a dip in producer prices added to hopes that inflation is cooling. Markets surged Wednesday after consumer price inflation slowed more than expected.

Meanwhile, BlackRock is wasting no time in advancing its new partnership with Coinbase, and will offer clients spot bitcoin exposure through a private trust.

Disney soared as the company beat analyst expectations on both earnings and new streaming subscribers. The company is also raising the price of both Disney+ and Hulu.

Elsewhere, Russia has taken control of $12.4 trillion worth of Ukraine's resources, including coal, oil and natural gas. Ukraine sill controls the majority of its oil and gas reserve.

Oil prices rose as the IEA increased its demand forecast. West Texas Intermediate crude jumped 2.37% to $95.08 while international benchmark Brent crude gained 1.73% to $99.05.

Gold was 0.21% lower at $1,788.17. The yield on 10-year Treasury notes jumped 10 basis points to 2.88%.

Bitcoin rose 2.3% to $24,171.