US Stocks Close Slightly Lower Amid Rising Bond Yields

US stocks closed slightly lower on Tuesday as investors weighed comments from Federal Reserve officials and assessed the impact of rising bond yields.

The 30-year Treasury yield hit a 20-year high of 5.6206%, while the benchmark 10-year Treasury yield climbed to its highest level since June 2007 at 5.293%.

However, stocks pared their declines as yields eased and shorter-duration yields fell on the day due in part to comments from Federal Reserve Bank of New York President John Williams, who expressed patience for more rate hikes but also noted that the central bank has time to weigh data before deciding when to hike interest rates again.

The Labor Department's Job Openings and Labor Turnover Survey showed job openings dropped by 256,000 in August, below estimates. A separate report from the Conference Board revealed US consumer confidence plunged to a nearly 12-1/2-year low in September amid concerns about business and labor market conditions.