U.S. Stocks slid Tuesday morning after Home Depot reported quarterly sales that fell short of Wall Street expectations and interest rates broke new highs.
Equities also fell after the Department of Commerce reported a 0.3% increase in retail sales in April, following an increase of 0.8% in March. However, the solid performance of consumer spending was accompanied by a rise in interest rates, which some market observers blamed for a further decline in equities.
The US Treasury 10-year benchmark return, which moves inversely to its price, reached 3.06 percent on Tuesday, its highest level since 2011. The 10-year return is particularly important for investors given their role as a Barometer for mortgage rates and other financial instruments.
The dollar index, which tracks the dollar against a basket of other currencies, rose nearly 0.84 percent to 93.36.