U.S. stocks fell on Tuesday, with major indexes retreating from early highs as a rise in bond yields provided another reason for caution at a time when the first-quarter earnings season is failing to excite investors, despite some strong reads from corporate America.
While the earnings season remained in full swing, with results from a number of major firms, the tone was generally negative, with several bellwether stocks slumping despite posting numbers that were ahead of analyst forecasts.
What are markets doing?
The Dow Jones Industrial Average DJIA, -0.75%[1] dipped 130 points to 24,317, a decline of 0.2%. The S&P 500 index SPX, -0.44%[2] fell 2 points to 2,668, a loss of 0.1%. The Nasdaq Composite Index COMP, -0.80%[3] declined by 32 points, or 0.5%, to 7,097.
If the Dow closes in negative territory, that will mark its fifth straight negative session, its longest such streak since March 2017. The Nasdaq is threatening its fourth straight down day, its longest streak since February.
Financial stocks were among the strongest performers of the day[4], with the industry up 1%. While rising bond yields are seen as a headwind to the overall market because they push up borrowing costs for American corporations, banks generally benefit as higher yields and interest rates...