Tech and health care drop stocks lower; bond yields rise

Dow Jones recorded the eighth consecutive winning session

The broad sell-off Tuesday followed a spike in bond yields, which sent the 10-year Treasury yield to its highest in nearly seven years.

The yield on 10-year US Treasury notes jumped to its highest level since July 2011, suggesting an uptick in inflation and sending the dollar index to its highest close in 2018.

That paves the way for higher borrowing costs on mortgages.

USA equity markets closed solidly lower on Tuesday with the Dow industrials halting their eight-day advance. The S&P 500 closed at 2,711.45 for a loss of -18.68 points or -0.68%.

Small-company stocks fell. The Russell 2000 lost 6 points, or 0.4 percent, to 1,600.

Australian stocks bucked the region's downward trend, rising 0.4%. The Dow Jones Small-Cap Growth TSM Index closed at 9,941.29 for a loss of -8.02 points or -0.08%.

The S&P 500 posted 10 new 52-week highs and seven new lows; the Nasdaq Composite recorded 82 new highs and 51 new lows. "A creeping up of these things continues to keep the market nervous".

The market had rallied early Monday on hopes that trade tensions were easing between the USA and China.

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The Dow Jones industrial average lost 162 points, or 0.6 percent, to 24,739.

Core April retail sales - which excludes gasoline, automobiles, building materials and food services - rose at a brisker 0.4 percent monthly pace over March, as consumer spending is quickening its pace after a first-quarter slowdown. The move raised expectations for further interest rate hikes from the Federal Reserve.

The yield on the 10-year Treasury rose to 3.07 percent from 3 percent late Monday.

"The stock market was due for a digestion of the gains that we've seen over the last eight trading sessions", said Quincy Krosby, chief market strategist at Prudential Financial.

The rise in bond yields pulled down shares in real estate investment trusts and other high-dividend-paying stocks.

The Nasdaq is up 448.24 points, or 6.5 percent.

Apple fell 1 percent, Amazon fell 1.9 percent and Wells Fargo climbed 0.9 percent.

In Asia, Japan's benchmark Nikkei 225 edged down 0.2 percent. In China, the Shanghai Composite Index fell 0.43%. Hong Kong's Hang Seng dropped 1.2 percent.

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