U.S. stocks close lower amid rising yields

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

U.S. stocks close lower amid rising yields

China's electricity consumption, a key barometer of economic activity, rose six percent year on year in April, official data showed Tuesday.

Power use totaled 820.5 billion kilowatt-hours last month, according to the National Energy Administration.

A breakdown of the data showed that power consumed by the primary industry rose 2 percent year on year to 11.2 billion kilowatt-hours, while power consumed by the secondary industry increased 5.3 percent to 558.4 billion kilowatt-hours.

Within the secondary industry, industrial power use rose 5.5 percent year on year to 553.8 billion kilowatt-hours, while electricity consumption by high-tech equipment manufacturing climbed 10.1 percent to 105 billion kilowatt-hours.

Power used by the tertiary industry reached 151.7 billion kilowatt-hours in April, up 8.9 percent year on year. The charging and battery swapping service sector and internet data services reported rapid growth in electricity consumption, rising 61.9 percent and 42.8 percent, respectively.

Electricity consumption by residents rose 6 percent from a year earlier to 99.2 billion kilowatt-hours.

In the first four months of the year, China's total power use exceeded 3.33 trillion kilowatt-hours, up 5.4 percent year on year, the data showed.

China's power use up 6 pct in April