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• The benchmark 10-year Treasury yield climbed 11 basis points to 3.48%
US stocks continued to plummet, with S&P 500 continuing to fall into the bear market territory, as investors anticipate the biggest Federal Reserve interest-rate hike in decades on Wednesday.
The Dow Jones Industrial Average lost 354 points, or 1.2%, to 30,163. The Nasdaq Composite slipped by 67 points, or 0.6%, to trade at 10,742.
The S&P 500 slid by 42 points, or 1.1%, to nearly 3,708, after falling to a fresh 52-week low of 3,705.68 in late afternoon trading.
Treasury bond prices dropped, pushing the 10-year yield to its largest one-day move since March 2020. The yield on the benchmark 10-year Treasury note climbed 11 basis points to 3.48%, after rising to its highest level since 2011 on Monday.
On Tuesday, the Labor Department said that its consumer price index (CPI) jumped 8.6% compared to a year earlier, the biggest year-over-year increase since December 1981. The inflation data could heavily influence the Federal Reserve’s interest-rate decisions for later this year.
Market movers
Shares of FedEx Corp. (NYSE: FDX) rose by more than 13% after the company said it would lift its quarterly cash dividend by 53% to $1.15 a share from 75 cents previously.
Shares of Coinbase Global Inc. (NASDAQ: COIN) finished lower by 1.4% after the company announced it would lay off 18% of its employees less than two weeks after the company said it would extend a hiring freeze. Bitcoin plummeted below $21,000 on Tuesday.
Shares of Oracle Corp. (NASDAQ: ORCL) jumped 9.6% after beating earnings and revenue estimates for its fiscal fourth quarter.
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