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Stocks in the U.S. fell on Tuesday as traders looked ahead to the Federal Reserve’s policy decision this week — which could send ripples through the economy — and as Treasury yields surged to multiyear highs.
The Dow Jones Industrials skidded 328.45 points to 52,092.75
The S&P 500 index waned 34.21 points to 7,585.57
The NASDAQ Composite lost 204.84 points to 25,981.57.
Losses in the S&P 500 and NASDAQ were mitigated by gains in numerous stocks connected to artificial intelligence, which were under pressure in the prior trading day. Coherent added more than 1%, while Advanced Micro Devices gained 2%. Qualcomm advanced 5%.
Prices for the 10-year Treasury gained back some strength during Tuesday, raising yields to 5% from Monday’s 4.99%. Treasury prices and yields move in opposite directions.
Oil prices hiked $4.39 to $105.78 U.S. a barrel.
Gold prices lost $16.90 to $4,323.10 U.S. an ounce.
