Stocks finished lower Tuesday as surging Treasury yields pressured tech and raised concerns about consumer spending. The 30-year bond yield touched 5.198%, marking its highest level since 2007, just before the global financial crisis. The S&P 500 and Nasdaq both logged a third-straight daily loss, while the Dow dropped 322 points. Investors also kept a close eye on oil prices after President Donald Trump delayed planned strikes on Iran.
Oil Prices Fell on Geopolitical Uncertainty
Oil prices pulled back slightly Tuesday, as traders reacted to uncertainty surrounding potential U.S. action against Iran. June-dated West Texas Intermediate (WTI) shed 0.8% to settle at $107.77 per barrel.
Gold dropped Tuesday amid rising Treasury yields. June-dated gold futures fell 1.8% to settle at $4,476.80 per ounce.
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