Stocks fell on Tuesday as investors were left disappointed with the latest batch of earnings, despite strong performance. Meanwhile, interest rates jumped to levels not seen in years.
The Dow Jones industrial average traded 584 points lower with 3M as the worst-performing stock in the index. The S&P 500 fell 1.9 percent, with consumer staples and technology sliding. The Nasdaq composite declined 2.2 percent as shares of Facebook, Amazon, Alphabet and Netflix all dropped more than 4 percent.
Shares of both 3M and Google fell during the regular session on Tuesday, despite meeting or beating Wall Street expectations on quarterly earnings reports — an indicator earnings may already already priced in and investors are looking at margins and guidance.
The 10-year bond note yield traded at highest level since January 2014, breaking above 3 percent for the first time in more than four years.
–CNBC’s Fred Imbert contributed to this report.
