U.S. stocks close lower amid rising Treasury yield

E-mini Dow Jones Industrial Average

The Dow Jones industrial average lost 0.9%.

US equity markets closed solidly lower on Tuesday with the Dow industrials halting their eight-day advance.

The S&P 500 fell 18 points, or 0.7 percent, to 2,711. Meanwhile the Nasdaq Composite declined 59.69 points, or 0.8% to 7,351.63.

Core April retail sales - which excludes gasoline, automobiles, building materials and food services - rose at a brisker 0.4 percent monthly pace over March, as consumer spending is quickening its pace after a first-quarter slowdown. Treasuries were a key factor for the market Tuesday as investors watched 10-year Treasury yields climb to 3.08%.

The US indexes closed Monday trading session with growth, hoping to reassure trade pressure between the two largest economies in the world, the United States and China.

The yield, a barometer for mortgage rates and other financial instruments, has jumped recently on signs of rising inflation, which sparked market speculation for more rate hikes later this year.

The prospect of higher mortgage rates weighed on home builders, while the rise in bond yields sent stocks that pay high dividends lower.

Small-company stocks held up better than the rest of the market.

Stocks are opening moderately higher on Wall Street, led by gains in technology, health care and energy companies.

The rise in bond yields pulled down shares in real estate investment trusts and other high-dividend-paying stocks.

BOND YIELDS: Bond prices fell.

Small-company stocks fell. The Russell 2000 lost 6 points, or 0.4 percent, to 1,600. A move in the yield above 2.9 percent earlier this year triggered a correction for US equities.

A surge in US government bond yields to their highest level in nearly seven years sent Wall Street shares sliding on Tuesday after strong retail sales data stoked inflation concerns and investors fretted about looming trade talks between the United States and China.

The yield on the benchmark 10-year Treasury note rose to 3.05 percent, its highest level since July 2011. South Korea's Kospi slipped 0.7 percent to 2,458.54 while Hong Kong's Hang Seng dropped 1.2 percent to 31,152.03. The S&P 600 closed at 982.43 for a gain of 0.30 points or 0.03%. The Nasdaq composite fell 75 points, or 1 percent, to 7,335.

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