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(CNBC) -- U.S. stocks fell Tuesday, reversing gains from earlier in the day as investors looked ahead to key inflation data out later in the week that will give the Federal Reserve updated information on the state of the U.S. economy.
The S&P 500 slipped 0.65% to close at 3,588.84 after rebounding from a multiyear low earlier in the session. The Nasdaq Composite fell 1.10% to 10,426.19, its lowest close since July 2020. Tuesday’s losses notched the fifth day in a row of declines for both indexes. The Dow Jones Industrial Average rose 36.31 points, or 0.12%, to close at 29,239.19, bolstered by jumps in Amgen and Walgreens Boots Alliance.
Bond prices also fell, and the yield on the U.S. 10-year Treasury neared the key 4% level overnight. Yields stayed high on Tuesday with the 10-year yield up about 5.8 basis points at 3.943% at market close. Bond yields are inverse to prices, and a basis point is one hundredth of one percent.
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