US Market Indexes Close Lower on Tuesday

E-mini NASDAQ-100 Index

E-mini NASDAQ-100 Index

The broad sell-off Tuesday followed a spike in bond yields, which sent the 10-year Treasury yield to its highest in nearly seven years.

Higher borrowing costs sent stocks sharply lower.

Banks bucked the downward trend Tuesday and rose along with bond yields.

THE QUOTE: "There's a number of data releases that will grab traders' attention today and could determine whether we see an early rebound in stock markets". By afternoon, those gains were mostly gone. The S&P 500 lost 19 points, or 0.68%, to 2,711 and the Nasdaq Composite fell 60 points, or 0.81%, to 7,352.

The Dow Jones industrial average gained 114 points, or 0.5 percent, to 24,941. The drop pulled the 30-company average to a slight loss for the year.

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Stocks struggled to a mixed finish on Wall Street as weakness in smaller-company stocks offset gains in large companies.

The slide comes in the midst of a strong May for stocks.

The S&P 500 index rose 9 points, or 0.3 percent, to 2,736.

The market had rallied early Monday on hopes that trade tensions were easing between the USA and China.

The yield on 10-year US Treasury notes jumped to its highest level since July 2011, suggesting an uptick in inflation and sending the dollar index to its highest close in 2018. South Korea's Kospi slipped 0.7 percent to 2,458.54 while Hong Kong's Hang Seng dropped 1.2 percent to 31,152.03.

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"A combination of firm growth and higher interest rates is unnerving", said Anthony Chan, chief economist for Chase in NY. The move raised expectations for further interest rate hikes from the Federal Reserve.

"A little bit of today's jitters are related to a hangover to yesterday's wrongly placed exuberance that a trade deal was imminent, and the reality is we are in for a long slugfest between the United States and China", said Jon Mackay, investment strategist at Schroders North America in NY. Small-company stocks also rose. The Shanghai Composite climbed 0.6 percent to 3,192.12. Higher mortgage rates can make it harder for would-be buyers to purchase a home.

France's CAC 40 inched up 0.2 percent to 5,548, while Britain's FTSE 100 rose by the same rate to 7,726. Chip maker Nvidia fell 3.8 percent; drug maker Celgene slid 3.9 percent.

ENERGY: Benchmark U.S. crude oil gained 59 cents to $71.55 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price global oil, gained 77 cents to $79.00 a barrel in London.

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