Wall Street Tumbles Amid Higher Yields and Oil Prices
Wall Street's main indexes declined on Tuesday as higher bond yields and oil prices dampened investor sentiment. The Dow Jones Industrial Average fell 220.12 points, or 0.41%, to 52,965.78, while the S&P 500 lost 42.20 points, or 0.55%, to 7,643.68.
The Philadelphia SE Semiconductor index slid 2.7% to a near one-month low, with Broadcom, Nvidia, Intel, and AMD all declining between 1.3% and 2.6%. However, energy stocks rose 1.3%, hovering near record highs following a 1.71% gain in Brent crude.
Angelo Kourkafas, senior global investment strategist at Edward Jones, noted that 'there is a bit of a vacuum' as the macroeconomic environment takes center stage. He added that investors may be entering a period of choppiness or consolidation until the next corporate updates.