Stocks finished in the red Tuesday, as Treasury yields charged higher. The benchmark 10-year Treasury yield climbed to 5.04%, its highest level since 2007, one day ahead of the Federal Reserve's two-day policy meeting. The Dow shed 404 points, while the Nasdaq and S&P 500 also closed firmly lower, though a slight resurgence in AI-related stocks helped limit broader losses. Faring the worst on Wall Street today were small caps, with the Russell 2000 (RUT) logging its lowest close since June.
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Crude moved higher Tuesday while a key pipeline that bypasses the Strait of Hormuz in Saudi Arabia remains down. West Texas Intermediate crude added 4.4% to settle at $105.83 per barrel.
Gold prices fell again as the U.S. dollar gains strength and treasury yields stay elevated. December-dated gold futures dropped 0.6% to $4,325.80 an ounce.
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