Stocks fell on Tuesday, weighed down by another rise in Treasury yield to fresh multi-year highs.
The Dow Jones Industrials weakened 258.77 points to 51,222.74
The S&P 500 index moved lower 15.59 points to 7,668.10.
The NASDAQ Composite waned 12.33 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.
The combination of higher oil and yields has put pressure on stocks of late. The Dow fell more than 300 points on Monday, while the S&P 500 retreated 0.8% and NASDAQ Composite shed 0.9%.
Shares of Chinese electric vehicle company XPeng fell 4.2% Tuesday, reaching a 52-week low of $9.51, after JPMorgan downgraded the stock to neutral from overweight.
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 5.27% from Monday’s 5.23%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.12 to $91.48 U.S. a barrel.
Gold prices were higher by $18.30 to $4,186.70 U.S. an ounce.
