U.S. stocks fell Tuesday as major technology shares came under pressure again after the 10-year Treasury yield touched its highest level since January 2020.
The Dow Jones Industrial Average dipped 104.41 points, or 0.3%, to 33,066.96, slipping from a record closing high.
Apple and Microsoft were among the biggest losers in the 30-stock Dow, falling more than 1% each.
The S&P 500 slid 0.3% to 3,958.55, led by losses in consumer staples and technology.
The Nasdaq Composite ended the session 0.1% lower at 13,045.39.
The tech-heavy benchmark was down more than 1% at one point.
The 10-year Treasury yield climbed 6 basis points to top 1.77% earlier Tuesday, hitting its highest level in 14 months as vaccine rollouts and expected infrastructure spending boosted the outlook for a broad economic recovery and rising inflation. The benchmark rate later turned flat at 1.72%.
Investors digested a reading on consumer confidence that far exceeded expectations. The Conference Board’s Consumer Confidence Index surged in March to 109.7, its highest reading in a year. Economists polled by Dow Jones expected the index to rise to 96.8 from 90.4 in February.
The market experienced heightened volatility this week amid the continued fallout after a hedge fund was forced to liquidate its position in several media stocks.
Reference: CNBC
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