The S&P 500 Index ($SPX) (SPY) closed down by -0.69% on Tuesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.22%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down by -1.68%. E-mini S&P futures (ESU26) fell -0.69%, and September E-mini Nasdaq futures (NQU26) fell -1.67%.
Stock indices settled lower on Tuesday, with the S&P 500 and the Dow Jones Industrial Average falling to 2-week lows, and the Nasdaq 100 sliding to a 1.5-week low. The rout in chipmakers and AI-infrastructure stocks on Tuesday weighed on the broader market. Also, rising crude oil prices bolstered inflation concerns and boosted bond yields globally, undercutting stocks. Crude oil prices are rising and fueling inflation concerns as hostilities in the Middle East show no signs of easing. WTI crude oil climbed to a 3-week high on Tuesday, which pushed the 10-year Japan JGB bond yield up to a 30-year high of 2.967%, the 10-year German Bund yield up to a 15-year high of 3.272%, and the 10-year T-note yield up to a 1.5-year high of 4.75%. However, stocks recovered from their worst level on Tuesday after bond yields fell from their highs and moved lower. The 10-year T-note yield fell -2 bp to 4.70%.
