Rising Treasury Yields Send Dow, S&P 500, Nasdaq Composite Lower
The Dow Jones Industrial Average, S&P 500 Index, and Nasdaq Composite all fell on Tuesday as rising U.S. Treasury yields and declines in Apple, Tesla, Qualcomm, and other tech stocks outweighed lower oil prices and gains for select other techs.
The Dow lost 131.59 points (0.3%) to a 51,349.92 finish, while the S&P 500 shed 12.85 ticks (0.2%) to 7,670.84 and the Nasdaq Composite gave up 22.84 points (0.1%) to 26,797.54.
Apple fell 2.7% after BofA Securities warned that the tech giant faces a potential loss of service revenue from Meta's new personal AI agent Muse, while Tesla shed another 1.3% to $352.84.
The U.S. Treasury yields continued to rise, hitting their highest levels in some two decades amid ongoing U.S. inflation fears, with the 30-Year Treasury Bonds Yield rising as much as 5.9 basis points to a 5.621% intraday high and the 10-Year Treasury Notes Yield gaining 5.1 points at its session peak to 5.293%.