Dow Drops Nearly 700 Points On Treasury Yield, Retail Earnings

The Dow shed nearly 700 points today, logging its worst daily performance since Dec. 15, as rising rates and disappointing retail earnings weighed on the broader market. The 10-year Treasury yield and 2-year rate both hit levels not seen since November, as investors continue to contend with red-hot inflation readings. In response, the Nasdaq logged a third consecutive daily loss and the worst session since mid-December. The S&P 500 finished solidly lower as well. 

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Oil, Gold Prices Fall On Rising Treasury Yields, U.S. Dollar

Oil prices extended last week's losses, with March-dated crude futures shedding 18 cents, or 0.2%, to settle at $76.16 per barrel Tuesday. Rising Treasury yields and the U.S. dollar pressured black gold today. 

Gold futures also fell for the session, cutting into their year-to-date lead. Specifically, April-dated gold fell $7.70, or 0.4%, to settle at $1,842.50 per ounce today.

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