U.S. stock indexes closed lower Tuesday as another swell higher for Treasury yields added pressure on big technology stocks.
The spotlight was again on the bond market, where the yield on the 10-year Treasury perked higher after a report showed consumers are even more confident than economists expected. Its jump this year has forced investors to reconsider paying such high prices for many stocks, particularly the tech giants that were big winners earlier in the pandemic.
The S&P 500 fell 12.54 points, or 0.3%, to 3,958.55.
The Dow Jones Industrial Average fell 104.41 points, or 0.3%, to 33,066.96.
The Nasdaq fell 14.25 points, or 0.1%, to 13,045.39.
The Russell 2000 index of smaller companies rose 37.11 points, or 1.7% to 2,195.80.
For the week:
The S&P 500 is down 15.99 points, or 0.4%.
The Dow is down 5.92 points, or less than 0.1%.
The Nasdaq is down 93.33 points, or 0.7%.
The Russell 2000 is down 25.69 points, or 1.2%.
For the year:
The S&P 500 is up 202.48 points, or 5.4%.
The Dow is up 2,460.48 points, or 8%.
The Nasdaq is up 157.11 points, or 1.2%.
The Russell 2000 is up 220.94 points, or 11.2%.