Stocks saw a mixed settlement on Tuesday as investors kept a wary eye on the 10-year Treasury yield and the 2-year Treasury yield, which made a brief inversion earlier in the day. This has been a strong indicator of an upcoming recession in the past. In response, the Dow lost 129 points, after earlier shedding over 700 points, while the S&P 500 finished the day with a muted gain. The Nasdaq, meanwhile, managed to bounce back from its earlier losses, and settled the day with a more than 1% pop, as growth-focused tech stocks gained some steam.

The Dow Jones Average (DJI -30,967.82) lost 129.4 points or 0.4% for the day. Nike (NKE) led the gainers, adding 3.1%. Chevron (CVX) paced the laggards with a 2.6% drop.

The S&P 500 Index (SPX - 3,831.39) gained 6.1 points, or 0.2% for the day. Meanwhile, the  Nasdaq Composite (IXIC - 11,322.2) rose 194.4 points, or 1.8% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 27.54) added 0.01 points or 0.04% for the day.

GOLD STUMBLES AS U.S. DOLLAR HITS 20-YEAR HIGH

Oil futures suffered a sharp selloff back below the $100 mark, to turn in their lowest settlement in nearly two months as investors began to worry that a potential recession could put a dent in demand. For the day, August-dated crude lost $8.93, or 8.2%, to settle at $99.50 per barrel.

Gold prices dropped to their lowest level of 2022 on Tuesday, breaching the closely watched $1,800-per-ounce level as the U.S. dollar rose to its highest mark since November 2002. August-dated gold fell $37.60, or 2.1%, to close at $1,763.90 an ounce.

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