US Market Indexes Close Lower on Tuesday

US Market Indexes Close Lower on Tuesday

Stocks are moving mostly lower in midday trading on Wall Street, led by technology and health care companies. North Korea's cancellation of talks with South Korea and weaker than expected Japanese economic growth weighed on sentiment.

USA equity markets closed solidly lower on Tuesday with the Dow industrials halting their eight-day advance. 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 Nasdaq composite dropped 0.8 percent to 7,351.63 as Amazon, Microsoft and Google-parent Alphabet all pulled back more than 1 percent.

The yield on the 10-year Treasury note spiked to a almost seven-year high Tuesday, causing selling in stocks and in particular the ones most sensitive to interest rates.

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

Higher borrowing costs sent stocks sharply lower.

The broader S&P 500 Index (NYSEARCA:SPY) fell 0.7% to 2,711.45, with ten of 11 sectors finishing in the red.

Japan's benchmark Nikkei 225 edged down 0.2 percent to 22,818.02.

Ryan Reynolds Doesn't Think Disney/Fox Deal Will Affect X-Force
Or that he's obsessed with a conspiracy theory involving the song Papa, Can You Hear Me? So, I'm really excited about that. By taking over the directorial reins from Tim Miller , a noticeable shift in tone is omnipresent in Leitch's aesthetic.

The surge came after the Commerce Department said retail sales climbed 0.3 percent in April and revised March sales growth upward, to 0.8 percent from 0.6 percent.

In economic data, USA retail sales climbed in April for a second consecutive month, underscoring a healthy domestic economy.

Banks bucked the downward trend Tuesday and rose along with bond yields.

ANALYST'S VIEWPOINT: "It is not shaping up to be a constructive open for Asian markets this morning with headwinds from all over, particularly with the elevated yields that is likely to induce caution in the region", Jingyi Pan of IG said in a commentary.

"A little bit of today's jitters are related to a hangover to yesterday's wrongly placed exuberance that a trade deal was imminent, and the reality is we are in for a long slugfest between the USA and China", said Jon Mackay, investment strategist at Schroders North America in NY.

Benchmark U.S. crude oil reversed an early side, rising 35 cents to settle at $71.31 a barrel in NY. Brent crude, used to price worldwide oil, gained 77 cents to $79.00 a barrel in London. The euro weakened to $1.1884 from $1.1974.