Wall Street stocks were in the red early on Tuesday following the S&P 500’s best session since June 2020.
As of 1530 GMT, the Dow Jones Industrial Average was down 0.20% at 31,472.69, while the S&P 500 was down 0.40% at 3,886.17 and the Nasdaq Composite started out the session 0.76% weaker at 13,484.91.
The Dow Jones opened 62.82 points lower on Tuesday, taking a bite out of solid gains recorded in the previous session.
While the yield on the 10-year Treasury note has fallen from recent record highs, down to around 1.44% at the opening bell, investors will still have one eye focussed on bond yields throughout the session.
In addition to the bond market, traders will be focussed on comments from Securities and Exchange Commission chair nominee Gary Gensler, who will shortly testify before the Senate Banking Committee and likely face questions on topics from climate change to the recent GameStop short-selling mania.
Comments from the Federal Reserve’s Lael Brainard and Mary Daly, scheduled for 1800 GMT and 1900 GMT, respectively, will also likely draw an amount of investor attention.
On the macro front, the Institute for Supply Management’s New York Index came in at 33.5 in February, a 15.7 point drop to a fresh nine-month low.
In the corporate space, Target topped earnings estimates on the back of a 21% quarterly sales jump during the holiday period, while retailer Abercrombie & Fitch beat earnings expectations despite closing more than 130 stores in 2020
Still to come, Urban Outfitters and Hewlett Packard were both slated to report after the close.