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Stock market today: Nasdaq hits record, Dow tumbles as bond yields spike

US Treasury Department building
This November 15, 2011 photo shows vehicles as they drive by the US Treasury Building in Washington, DC.Karen Bleier/AFT/Getty Images
  • US stocks were mixed Tuesday. The Nasdaq finished at a record while the Dow tumbled.

  • Nvidia soared but the broader market weakened amid a fresh spike in Treasury yields.

  • Tepid demand at the latest Treasury auction and hawkish comments from Fed officials spooked investors.

US stocks finished mixed on Tuesday, with the Nasdaq at a record but the Dow Jones Industrial Average sliding more than 200 points.

The Nasdaq was lifted by Nvidia, which rallied more than 7%. Weighing on shares during the session was a jump in Treasury yields as the latest auction was met with lukewarm demand. The 10-year yield jumped as much as seven basis points before paring some of that rise, but was firmly back above the key 4.5% threshold as the trading session wound down.

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Also weighing on investors were hawkish comments from Federal Reserve officials. Minneapolis Fed President Neel Kashkari reiterated that the central bank was not convinced inflation is falling quickly enough to warrant rate cuts. he went further still by saying more rate hikes aren't off the table if progress stalls.

"I don't think anybody has formally taken them off the table, even me," he said during a Tuesday presentation. "Of course, if we get surprised by the data, then we would do what we need to do."

Investors are focused on the Friday personal consumption expenditures price index report. The Fed's preferred inflation measure will give important insight into when the Fed might cut rates.

Nvidia rallied above $1,100 during Tuesday's session to close at a fresh record, as Elon Musk said his xAI artificial intelligence firm will use Nvidia chips in its computers.

Here's where US indexes stood at the 4 p.m. closing bell on Tuesday: 

Here's what else is going on today:

In commodities, bonds, and crypto: 

  • West Texas Intermediate crude oil jumped 3% to $80.19 a barrel. Brent crude, the international benchmark, was higher by 1.6% to $84.48 a barrel.

  • Gold increased 1% to $2,358.30 per ounce.

  • The 10-year Treasury yield jumped six basis points to 4.54%.

  • Bitcoin dropped 2% to $68,117.27.

Read the original article on Business Insider