Dow Dives 328 Points As Treasury Yields Surge

Stocks finished in the red Tuesday, as Treasury yields charged higher. The benchmark 10-year Treasury yield climbed to 5.04%, its highest level since 2007, one day ahead of the Federal Reserve's two-day policy meeting. The Dow shed 404 points, while the Nasdaq and S&P 500 also closed firmly lower, though a slight resurgence in AI-related stocks helped limit broader losses. Faring the worst on Wall Street today were small caps, with the Russell 2000 (RUT) logging its lowest close since June.

Supply Routes Disrupted, Send Crude Further Past $100

Crude moved higher Tuesday while a key pipeline that bypasses the Strait of Hormuz in Saudi Arabia remains down. West Texas Intermediate crude added 4.4% to settle at $105.83 per barrel.

Gold prices fell again as the U.S. dollar gains strength and treasury yields stay elevated. December-dated gold futures dropped 0.6% to $4,325.80 an ounce.