How major USA stock indexes fared Tuesday

E-mini Dow Jones Industrial Average

The yield on the 10-year Treasury note spiked to a almost seven-year high Tuesday, causing selling in stocks and in particular the ones most sensitive to interest rates.

The prospect of higher mortgage rates weighed on home builders, while the rise in bond yields sent stocks that pay high dividends lower. The Dow lost 193 points, or 0.8 percent, to 24,706.41. At 3.08% earlier today, it was the highest yield since July 2011. The agency also revised March sales higher to 0.8 percent from 0.6 percent. Sectors leading losses for the day included real estate, health care and technology. The retail sales data suggest consumers are spending more after a weak first quarter.

Home Depot Inc (HD.N) shares slipped 1.6 percent after the home improvement retailer missed sales forecasts as the long winter put a damper on demand for spring products.

US market indexes were lower on Tuesday.

"A combination of firm growth and higher interest rates is unnerving", said Anthony Chan, chief economist for Chase in NY. Drugmaker Celgene slid 3.9 percent to $81.98.

US light crude closed 35 cents, or 0.5 per cent, higher at $71.31 a barrel, also not far off the day's peak at $71.92, its highest since November 2014.

Brent crude oil settled at $78.43 a barrel, up 20 cents, or 0.3 per cent, after reaching an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014. The dollar rose against its major peers. The euro weakened to $1.1847 from $1.1944. Gold fell below $1,300 an ounce for the first time this year. Silver dropped 38 cents, or 2.3 percent, to $16.27 an ounce.

The Russell 2000 is up 64.83 points, or 4.2 percent.

In other energy futures trading, heating oil was little changed at $2.25 a gallon. Natural gas dipped a penny to $2.84 per 1,000 cubic feet. Britain's FTSE 100 added 0.2 percent.

The pan-European FTSEurofirst 300 index rose 0.14 per cent. Australia's S&P/ASX 200 lost 0.6 percent.

NORTH KOREA: North Korea canceled a high-level meeting with South Korea, threatening to scrap a historic summit next month between President Donald Trump and North Korean leader Kim Jong Un over military exercises between Seoul and Washington that Pyongyang has long claimed are rehearsals for invasion. Hong Kong's Hang Seng fell 0.8%.

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