Wall Street fell under the weight of pressure from the bond market. The S&P 500 slipped 0.7 percent Tuesday.
The Dow Jones Industrial Average lost 0.5 percent, and the Nasdaq composite dropped 0.8 percent. Big Tech stocks that have received criticism after their prices shot higher in recent years were the heaviest weights on the market.
Rising yields in the bond market cranked up the pressure for all kinds of stocks. Worries about mounting debt loads for governments worldwide have pushed yields higher. When bonds pay more interest, investors are less willing to pay high prices for stocks.
On Tuesday:
The S&P 500 fell 44.72 points, or 0.7 percent, to 6,415.54.
The Dow Jones Industrial Average fell 249.07 points, or 0.6 percent, to 45,295.81.
The Nasdaq composite fell 175.92 points, or 0.8 percent, to 21,279.63.
The Russell 2000 index of smaller companies fell 14.08 points, or 0.6 percent, to 2,352.34.
For the year:
The S&P 500 is up 533.91 points, or 9.1 percent.
The Dow is up 2,751. 59 points, or 6.5 percent.
The Nasdaq is up 1,968.84 points, or 10.2 percent.
The Russell 2000 is up 122.18 points, or 5.5 percent.
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