The S&P 500 Index ($SPX) (SPY) Tuesday closed down -1.11%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.42% and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -1.79%. March E-mini S&P futures (ESH25) are down -1.06%, and March E-mini Nasdaq futures (NQH25) are down -1.67%.
Stocks on Tuesday gave up early gains and retreated as the 10-year T-note yield climbed to an 8-month high. Bond yields spiked higher after the latest US JOLTS job openings and the ISM services index reports were better than expected, bolstering speculation that the Fed will refrain from cutting interest rates this month. Megacap technology stocks also moved lower Tuesday and weighed on the broader market, led by a -6% fall in Nvidia.
