S&P Wavers First Thing Tuesday

Stocks traded lower on Tuesday, giving up an earlier gain, as a move higher in Treasury yields raised questions about the possibility of Federal Reserve rate cuts later this year.

The Dow Jones Industrials gained 36.27 points to 42,742.83.

The S&P 500 backpedaled 11.87 points to 5,963.51.

The NASDAQ Composite tumbled 126.83 to 19,738.10.

Shares of Nvidia dipped more than 2%, taking back earlier gains after the company on Monday unveiled new chips for desktop and laptop PCs that use the same Blackwell architecture. The chipmaker had closed at a record level in the previous session. Tesla slipped nearly 3% after Bank of America downgraded the electric vehicle maker given its high valuation and risks associated with its strategy.

Prices for the 10-year Treasury dropped sharply, raising yields to 4.68% from Monday’s 4.61 %. Treasury prices and yields move in opposite directions.

Oil prices surged 57 cents to $74.13 U.S. a barrel.

Prices for gold revived $13.40 an ounce to $2,660.80 U.S.