US stocks closed the trading day mixed on Tuesday with the Nasdaq Heavy Composite (^IXIC) the only major index to close the day in positive territory while Treasury yields remained the focus of investors.
The Dow Jones Industrial Average (^DJI) was lagging behind today, down about 0.5%, or more than 170 points, while the S&P 500 (^GSPC) was down about 0.3%.
The yield on the 10-year Treasury note held steady near 4.33% at Tuesday’s level, about 2 basis points from its intraday high which was a 16-year high. Yields have garnered increasing interest from investors in recent weeks, with nominal and inflation-adjusted Treasury yields surging towards their highest levels since the financial crisis.
Among the notable drivers on Tuesday was Dick’s Sporting Goods (DKS), which saw its shares close down 24% after a disappointing quarter that the company said was hit by an increase in theft in its stores.
Macy’s (M) stock also fell 14% after the retailer reported increased discounts to clear bloated shelves during the quarter.
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