Wall Street’s three major averages closed lower on Tuesday with the Dow leading declines as Treasury yields rose along with oil prices and investors assessed prospects for the Federal Reserve’s interest rate path.
While all three main U.S. stock indexes had logged gains in the previous week on hopes for a less hawkish Fed, that sentiment had faded by Monday.
U.S. Treasury yields rose after economic data showed resilience and Fed Governor Christopher Waller said it suggests that the central bank need not change rates any time soon.
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