Stocks fell Tuesday as a jump in bond yields threatened the bull market by weighing on the U.S. consumer and undermining the growth of technology stocks.
Traders also kept an eye on the oil market following President Donald Trump’s cancellation of planned attacks on Iran, as well as recent pressure on chip stocks.
The Dow Jones Industrials jettisoned 279.26 points to reach noon EDT Tuesday at 49,406.28.
The S&P 500 dumped 58.09 points to 7,344.96.
The NASDAQ sank 321.86 points, or 1.2%, to 25,768.87.
Nvidia, which will report its fiscal first-quarter earnings after the bell on Wednesday, headed for its third-straight decline, down 0.5%.
Qualcomm slid more than 3%, and Broadcom pulled back 1.8%.
Oppenheimer remains bullish on Costco Wholesale heading into the warehouse club’s earnings later this month. One analyst reiterated his top pick ranking on the stock and raised his price target to $1,160 from $1,100, which implies 8% upside from Monday’s close.
Crude prices were down Tuesday after President Donald Trump announced late Monday that he was calling off a plan to attack Iran after the heads of three regional powers in the Middle East asked him to “hold off.”
Prices for the 10-year Treasury eked upward, lowering yields to 4.68% from Monday’s 4.69%. Treasury prices and yields move in opposite directions.
Oil prices eked up three cents to $108.69 U.S. a barrel.
Gold prices slid $47,70 to $4,5110.30 U.S. an ounce.
