Stocks went south on Tuesday following another rise in Treasury yield to fresh multi-year highs.
The Dow Jones Industrials weakened 130.52 points to 51,350.99
The S&P 500 index moved lower 12.5 points to 7,671.19.
The NASDAQ Composite sank 22.84 points to 26,808.05.
Bank stocks led the way lower. Goldman Sachs slid around 1%. JPMorgan Chase, Morgan Stanley and Bank of America also declined.
Shares of Chinese electric vehicle company XPeng fell 48 cents, or 4.2% Tuesday, reaching a 52-week low of $9.47, after JPMorgan downgraded the stock to neutral from overweight.
The S&P 500 plunged 0.3% and the Dow was lower by 3.7%, in September. For the Dow, it would snap a five-month winning streak. The
NASDAQ, meanwhile, is up more than 1% month to date.
For the quarter, the S&P 500 has gained 2% along with the NASDAQ. The Dow, however, is off by 2% in Q3.
The Conference board consumer confidence index fell 6.7 points to 81.9 in September, while economists polled by Dow Jones expected an increase to 89 from 88.6 in August.
Prices for the 10-year Treasury regained lost ground, propelling yields to 5.25% from Monday’s 5.23%. Treasury prices and yields move in opposite directions.
Oil prices slid $3.33 to $89.27 U.S. a barrel.
Gold prices jumped $35.00 to $4,203.40 U.S. an ounce.
