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Stocks fell for a second session Tuesday as an uptick in interest rates overshadowed a solid start to the earnings reporting season.
The Dow Jones Industrials fell 85.98 points to 42,845.62, off their lows of the morning.
The S&P 500 index dipped 18.08 points to 5,835.90.
The NASDAQ tanked 38.51 points to 18,501.49.
On Tuesday, General Motors shares jumped nearly 7.5% after topping Wall Street’s third-quarter expectations and raising its full-year guidance.
Shares Philip Morris also soared roughly 8.1% after the Marlboro maker raised its annual profit forecast, while Verizon shed 4% after its total revenue just missed analysts’ forecast.
Homebuilding stocks dropped on persistent higher-for-longer rate concerns, with Lennar and D.R. Horton each losing more than 3%.
Traders are also viewing a fresh slate of earnings reports that are set to come out this week, including Tesla and Coca-Cola on Wednesday and Honeywell on Thursday.
So far, about 19% of companies in the broad index have reported results, with more than seven out of 10 topping earnings estimates
Prices for the 10-year Treasury slumped, raising yields to 4.21% from Monday’s 4.19%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.86 to $72.42 U.S. a barrel.
Prices for gold advanced $13.60 an ounce to $2.752.50 U.S.
Yields Weigh on Markets, Stocks Down Again
