12:35 PM EDT, 05/15/2026 (MT Newswires) -- US equity indexes fell amid a surge in government bond yields and crude oil futures in midday trading as investors weighed the outcome of the China summit.

The Nasdaq Composite fell 1.2% to 26,321.9, while the S&P 500 and Dow Jones Industrial Average both lost 0.9% to 7,432.4 and 49,598.9, respectively.

All sectors except energy fell. Materials, industrials, and utilities led the decliners.

A summit between US President Donald Trump and his Chinese counterpart, Xi Jinping, ended with mixed messages, the Wall Street Journal reported. Trump reportedly told Fox News the United States does not need to see the Strait of Hormuz reopen, then told reporters both he and Xi want to see the Iran war end, while also saying Hormuz needs to reopen as soon as possible.

"The market could be pinning too much hope on the US-China talks yielding some positive results on Iran," ING Bank said in a note. "Some hope that China could exert pressure on Iran to reach a deal with the US, to end the war, and lead to a resumption of energy flows through the Strait of Hormuz."

US Treasury yields surged, with the 10-year up 12.6 basis points to 4.59% and the two-year higher by 8.9 basis points to 4.08%.

West Texas Intermediate crude oil futures surged 4% to $105.23, and Brent crude futures jumped 3.5% to $109.42.