US close: Markets red as Treasury yields surge
Wall Street finished with all three main indices in the red on Tuesday, ending a lengthy streak of gains, as the yield on the 10-year Treasury note crept to 3.08%, its highest level since 2011, amid ongoing worries about trade talks between the US and China.
The Dow Jones Industrial Average ended down 0.78% at 24,706.41, the S&P 500 slipped 0.68% to 2,711.45, and the Nasdaq 100 was off 1.09% at 6,888.54.
Comments from US Commerce Secretary Wilbur Ross expressing confidence that the US had the upper hand in trade talks with China, claiming that the gap between the two "remains wide", did very little to help sentiment.
In economic news, the Empire State manufacturing index rose from the 15.8 recorded in April to a reading of 20.1 in May, the New York Fed said Tuesday.
The figure was considerably better the 15.5 reading expected by economists, with one analyst describing it as "solid".
A reading on US retail sales volumes for April edged past forecasts, thanks to upwards revisions to data for prior months.
US business inventories for March on the other hand came in below forecasts, falling to their lowest level since October 2017, according to the Commerce Department.
Inventories were flat in comparison to February, versus an expected 0.1% rise, while wholesale inventories rose 0.3%.
Lastly, homebuilder sentiment rose in May thanks to strong demand and a slim supply of affordable, existing homes for sale across the US.
The National Association of Home Builders sentiment index rose two points in May, one point higher than analysts had forecast. Anything above 50 is considered positive.
Aside from the data, Dallas Federal Reserve Bank President Robert Kaplan on Tuesday said he wasn't concerned with the rise in the yield on the 10-year Treasury note, but added that he was "very carefully watching the shape of the curve".
Investors were still waiting on a speech by San Francisco Fed President John Williams set for later in the day.
In corporate news, shares of Home Depot were 1.67% weaker in early trading as first-quarter earnings beat expectations, but sales were a miss.
Medical instruments maker Agilent Technologies plunged 9.66% lower despite its quarterly earnings coming in line with analysts' expectations.
Dow Jones - Risers
Nike Inc. (NKE) $69.50 1.56%
Walmart Inc. (WMT) $84.52 1.37%
Walt Disney Co. (DIS) $102.90 0.81%
General Electric Co. (GE) $14.71 0.75%
Exxon Mobil Corp. (XOM) $81.79 0.63%
Pfizer Inc. (PFE) $35.68 0.54%
Unitedhealth Group Inc. (UNH) $239.50 0.51%
Dowdupont Inc. (DWDP) $67.10 0.33%
United Technologies Corp. (UTX) $124.53 0.03%
Chevron Corp. (CVX) $129.74 -0.08%
Dow Jones - Fallers
Intel Corp. (INTC) $53.92 -1.79%
Verizon Communications Inc. (VZ) $47.78 -1.73%
Johnson & Johnson (JNJ) $125.13 -1.66%
Caterpillar Inc. (CAT) $152.56 -1.47%
McDonald's Corp. (MCD) $163.06 -1.41%
3M Co. (MMM) $202.47 -1.31%
Home Depot Inc. (HD) $187.98 -1.22%
Travelers Company Inc. (TRV) $129.86 -1.06%
Coca-Cola Co. (KO) $41.72 -1.00%
Apple Inc. (AAPL) $186.44 -0.91%
S&P 500 - Risers
Chesapeake Energy Corp. (CHK) $3.71 10.42%
Gap Inc. (GPS) $31.17 6.75%
GameStop Corp. (GME) $13.51 6.29%
Mattel Inc. (MAT) $15.06 6.13%
CF Industries Holdings Inc. (CF) $41.75 5.67%
Mallinckrodt Plc Ordinary Shares (MNK) $15.63 4.97%
Kohls Corp. (KSS) $63.18 4.91%
Southwestern Energy Co. (SWN) $4.49 4.79%
Symantec Corp. (SYMC) $22.33 4.35%
Newfield Exploration Co (NFX) $29.12 4.19%
S&P 500 - Fallers
Agilent Technologies Inc. (A) $62.50 -10.01%
D. R. Horton Inc. (DHI) $40.58 -7.50%
PulteGroup Inc. (PHM) $29.29 -6.51%
Alcoa Corporation (AA) $50.61 -6.34%
Lennar Corp. Class A (LEN) $51.21 -5.69%
Xerox Corp. (XRX) $28.51 -5.50%
Red Hat Inc. (RHT) $163.56 -5.17%
Owens-Illinois Inc. (OI) $18.10 -5.04%
Macerich Co (MAC) $54.11 -4.95%
Boston Properties Inc. (BXP) $119.01 -4.32%
Nasdaq 100 - Risers
Symantec Corp. (SYMC) $22.33 4.35%
Western Digital Corp. (WDC) $82.98 2.29%
Micron Technology Inc. (MU) $54.01 1.91%
American Airlines Group (AAL) $43.19 1.72%
Autodesk Inc. (ADSK) $136.16 1.53%
Fastenal Co. (FAST) $52.50 1.39%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $250.39 1.36%
Shire Plc Ads (SHPG) $170.68 1.28%
Seagate Technology Plc (STX) $57.77 1.23%
Paychex Inc. (PAYX) $64.27 1.16%
Nasdaq 100 - Fallers
Vodafone Group Plc ADS (VOD) $27.04 -4.69%
Celgene Corp. (CELG) $81.98 -3.90%
Nvidia Corp. (NVDA) $245.56 -3.84%
Regeneron Pharmaceuticals Inc. (REGN) $300.45 -2.94%
JD.com, Inc. (JD) $36.12 -2.82%
Tesla Inc (TSLA) $284.18 -2.67%
Cadence Design Systems Inc. (CDNS) $41.08 -2.63%
Mercadolibre Inc. (MELI) $290.75 -2.62%
Biogen Inc (BIIB) $276.06 -2.22%
Activision Blizzard Inc. (ATVI) $70.17 -2.13%