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Oil prices fell on Tuesday.
The West Texas Intermediate for June delivery decreased by 89 cents, or 0.82 percent, to settle at 107.77 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery dropped 82 cents, or 0.73 percent, to settle at 111.28 dollars a barrel on the London ICE Futures Exchange.
Crude futures settle lower
U.S. stocks ended lower on Tuesday as climbing U.S. Treasury yields continued to weigh on investor sentiment.
The Dow Jones Industrial Average dropped 322.24 points, or 0.65 percent, to 49,363.88. The The Standard and Poor's 500 sank 49.44 points, or 0.67 percent, to 7,353.61, and the tech-heavy Nasdaq Composite Index shed 220.03 points, or 0.84 percent, to close at 25,870.71.
A primary source of downward pressure came from the fixed-income market. The yield on the benchmark 10-year U.S. Treasury note climbed back above 4.6 percent, while the 30-year Treasury yield nearly touched 5.2 percent, marking its highest level in nearly 19 years.
The high-yield environment acted as a drag on high-valuation growth sectors, which are particularly sensitive to elevated interest rates. Six of the 11 primary The Standard and Poor's 500 sectors closed in negative territory, with materials and communication services leading the declines by dropping 2.27 percent and 1.58 percent, respectively. In contrast, the healthcare sector gained 1.09 percent and the energy sector advanced 1.03 percent.
Market participants are also focusing on Wednesday's upcoming after-hours earnings release from Nvidia.
U.S. stocks close lower amid rising yields
