Markets Right Now: Stocks are mostly lower; bond yields rise

Markets Right Now: Stocks are mostly lower; bond yields rise

By afternoon, those gains were mostly gone. MGM Resorts rose 1.6 percent.

The S&P 500 fell 18 points, or 0.7 percent, to 2,711.

Losses at technology and health care companies helped pull stocks lower Tuesday, snapping the Dow Jones industrial average's eight-day winning streak. The Dow Jones Small-Cap Value TSM Index closed at 10,162.47 for a gain of 1.12 points or 0.01%. The Russell 2000 was down only 0.1% thanks mainly to relative strength in small-cap banks.

The yield on the 10-year Treasury rose to 3.07 percent from 3 percent late Monday.

The yield on 10-year U.S. Treasury notes jumped to its highest level since July 2011, suggesting an uptick in inflation and sending the dollar index.DXY to its highest close in 2018, raising expectations for further interest rate hikes from the Federal Reserve.

US companies that could benefit from a rescue of the struggling Chinese telecommunications company ZTE rallied Monday.

President Donald Trump tweeted over the weekend that the US could ease sanctions on ZTE.

More news: Tennessee attorney general sues opioid manufacturer for role in deadly epidemic

Declining issues outnumbered advancing ones on the NYSE by a 1.87-to-1 ratio; on Nasdaq, a 1.14-to-1 ratio favored decliners.

The Nasdaq is down 51.26 points, or 0.7 percent. The Dow Jones Industrial Average lost 193.07 points, or 0.8%, to 24,706.34, putting an end to a 8-day rally, the longest since last September. The Shanghai Composite index dropped 0.3 percent to 3,183.28 and shares in Southeast Asia were lower while Taiwan advanced.

A surge in US government bond yields to their highest level in nearly seven years sent Wall Street shares sliding on Tuesday after strong retail sales data stoked inflation concerns and investors fretted about looming trade talks between the United States and China.

Technology and health care companies took some of the worst losses.

USA companies that would stand to benefit from an effort to rescue ZTE, a Chinese technology company hurt by US tariffs, rose in early trading Monday.

Google's parent company, Alphabet, was up 1 percent in early trading, and Exxon Mobil was also up 1 percent. US shares were set to drift slightly lower, with Dow futures down 0.4 percent and S&P 500 futures 0.3 percent lower.

The Nasdaq composite dropped 59.69 points, or 0.8 percent, to 7,351.63.

Related Articles