US stock indexes closed lower Tuesday, despite volatility and the Treasury yield turning downwards.
The Dow Jones Industrial Average was off 104 points to 33,066 with Microsoft, Coca-Cola and Intel falling more than 1%. JPMorgan, Goldman Sachs and Morgan Stanley each added more than 1%.
The S&P 500 fell 12 points to 3,958 and the Nasdaq shaved 14 to 13,045, with Moderna plummeting over 4%.
The yield on the benchmark 10-year US Treasury notes soared to 1.776% at one point before retreating to 1.717% with a 0.2% loss.
The VIX volatility index was as high as 21.75 but the fear index declined 5.4% to 19.61.
Investors on Wednesday will closely watch President Joe Biden as he unveils the first part of his infrastructure plan, which may include tax increases on corporations and wealthy individuals, reversing his predecessor Donald Trump’s tax cuts in 2017.
The plan is also to include funding for roads, bridges and railroads, as well as additional spending for lower carbon policies.
OPEC and its allies will hold a Joint Ministerial Monitoring Committee meeting on Wednesday. The group dubbed OPEC+ is expected to rollover an oil production cut with Saudi Arabia extending its voluntary output curb, according to JPMorgan.
Brent crude was down 1.3% at the final bell at $64 per barrel and US’ West Texas Intermediate was off 1.8% to $60.50.