Stocks fell on Tuesday as traders looked ahead to this week’s Federal Reserve’s policy decision — which could send ripples through the economy — and as Treasury yields surged to multiyear highs.
The Dow Jones Industrials blundered 509.42 points, or 1%, to 51,911.78.
The S&P 500 index waned 39.1 points to 7,580.88
The NASDAQ Composite lost 186.22 points to 25,999.60.
Losses in the S&P 500 and NASDAQ were mitigated by gains in a number of stocks connected to artificial intelligence, which were under pressure in the prior trading day. Nvidia rose 1%, while Micron Technology and Intel jumped nearly 2%. Advanced Micro Devices gained 3%.
Prices for the 10-year Treasury handed back some of its strength Tuesday, raising yields to 5.01% from Monday’s 4.99%. Treasury prices and yields move in opposite directions.
Oil prices hiked $2.60 to $103.99 U.S. a barrel.
Gold prices tumbled $28.80 to $4,323.10 U.S. an ounce.
