Wall Street Stocks Slump Amid Rising Yields and Oil Prices

U.S. stocks declined on Tuesday as investors faced a combination of rising global bond yields, higher oil prices, and escalating tensions in the Middle East.

The Dow Jones Industrial Average fell 431.78 points, or 0.81%, to 52,754.13, while the S&P 500 lost 52.88 points, or 0.69%, to 7,633.26.

According to Jay Hatfield, portfolio manager at InfraCap in New York, 'We have a very, very hawkish Fed, and they absolutely want to raise rates.'

The financial markets are pricing in a 68.2% likelihood that the Federal Reserve will implement a 25-basis-point rate hike at the end of next month's policy meeting.