U.S. Stocks Slip as Treasury Yields Climb and Confidence Weakens

U.S. stocks closed lower Tuesday for a second straight session after a choppy day. The Dow fell 0.3% to 51,349.92, the Nasdaq Composite lost 0.1%, and the S&P 500 slipped 0.2%.

Treasury yields climbed even as crude oil prices fell. The 10-year yield briefly reached 5.253%, its highest level since June 15, 2007, while the 30-year yield hit 5.6%, its highest since June 2002. The two-year yield fell to 4.891%.

Economic reports offered a mixed picture. The Conference Board’s consumer confidence index fell to 81.9 in September, below the Zacks Consensus Estimate of 89.1 and its lowest reading in 12 and a half months.

The Department of Labor Statistics reported that job openings fell by 256,000 in August to 7.079 million. Hiring rose by 46,000 to 5.192 million, while layoffs and discharges declined by 61,000 to 1.641 million.

Eight of the S&P 500’s 11 sectors ended lower. Communication Services fell 1.6%, the largest decline among the sectors listed in the report.