United States (US) stocks remained steady on Tuesday following a somewhat challenging trading session on Monday in which the major indexes saw significant declines, with the Dow falling by 0.94%, the S&P 500 down 0.96%, and the Nasdaq Composite losing 1.18%.
These losses were influenced by rising US Treasury yields, particularly the 10-year yield, which exceeded 4% for the first time in two months.
The increase came after a strong jobs report, prompting investors to reconsider the possibility of the Federal Reserve (Fed) cutting interest rates next.
Investors are now looking toward additional economic data and upcoming comments from Fed officials to further gauge the interest rate outlook.
Most sectors in the S&P 500 ended lower, with the utilities, communications services and non-essential goods sectors experiencing the biggest declines.
Major technology companies such as Apple, Microsoft, Alphabet, Amazon, and Meta faced significant losses.
In contrast, Nvidia saw an increase of 2.2%.
Energy stocks, however, performed well, benefiting from a surge in oil prices amid rising supply concerns amid tensions in the Middle East.
