Stocks Dip on Rate Concern

U.S. stocks slid on Tuesday, as rising bond yields once again weighed on investors and the third-quarter earnings season gained steam.

The Dow Jones Industrials slumped 113.75 points to begin Tuesday at 33,870.79.

The S&P 500 index dished off 33.8 points to 4,339.83.

The NASDAQ index settled 167.68 points, or 1.2%, at 13,400.31.

Bank of America climbed more than 1% after the bank beat analyst expectations in the quarter. But Goldman Sachs slid more than 1% as investors parsed the financial giant’s latest report.

Beyond financial stocks, Lockheed Martin climbed about 1.5% after exceeding consensus estimates for the quarter. Pharmaceutical stock Johnson & Johnson added nearly 1% after beating analyst expectations in the quarter and upping its full-year guidance.

Rising yields have pressured the broader market in recent weeks as traders assess the prospects of tighter Federal Reserve policy for longer than expected. Investors have also considered the potential impact from the Israel-Hamas war on the global economy.

Prices for the 10-year Treasury sagged, raising yields to 4.84% from Monday’s 4.71%. Treasury prices and yields move in opposite directions.

Oil prices picked up 33 cents to $86.99 U.S. a barrel.

Gold prices prospered $6.70 to $1,941.00.

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