US Market Indexes Close Mostly Lower on Monday

US stocks tumble, erasing an early gain; bond yields climb

U.S. indices opened higher across the board Tuesday as the earnings season is still grabbing the attention of investors. Blame three key factors: Apple (AAPL) undercutting more support, the chip sector continuing to sell off and the 10-year Treasury yield moving to the cusp of 3%.

The S&P 500 opened higher by 10.51 points, or 0.39 per cent, at 2,680.80.

The Dow Jones Industrial Average .DJI fell 14.25 points, or 0.06 percent, to 24,448.69, the S&P 500 .SPX gained 0.15 points, or 0.01 percent, to 2,670.29 and the Nasdaq Composite .IXIC dropped 17.53 points, or 0.25 percent, to 7,128.60. The Nasdaq Composite was down 121.25 points, or 1.7%, at 7,007.35.

Earnings provided a bright spot, with 18 percent of the companies in the S&P 500 having reported, 78.2 percent of which have beat consensus estimates.

The Dow is down 270.53 points, or 1.1 percent.

The Nasdaq is down 138.77 points, or 1.9 percent.

The S&P 500 and the Dow fell the most in two-and-a-half weeks, while the Dow Jones Industrial Average was down for a fifth day in a row.

The stock market had already been spooked by a climb in bond yields earlier in the year, sliding sharply in February.

Google-parent Alphabet (GOOGL) reported strong earnings late Monday but the stock failed to move.

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This was after Caterpillar warned steel prices would go up this year, and increase its cost of doing business - despite the company's beating earnings estimates due to strong global demand.

Rising US bond yields has restored some vigor to the greenback; the dollar index was up 0.29 at 85.16.

The US markets ended the Tuesday trading session on red territory because of investors' concerns about a possible increase in interest rates and skeptical statement by the Caterpillar's President.

3M was another big loser in the Dow, falling 6.8 per cent after it lowered its full-year forecast and disclosed an US$897 million charge connected to settling a lawsuit with the state of Minnesota over release of chemicals that allegedly polluted drinking water. The euro rose to $1.2229 from $1.2205. Facebook's first-quarter revenue is expected to come in at $11.4 billion - a 43 percent spike from the year-ago quarter.

OVERSEAS: Germany's DAX lost 0.2 percent while the French CAC 40 added 0.1 percent.

Comcast fell 1.9 percent after the US cable company submitted a $31 billion offer for pay-TV group Sky, challenging an already agreed but lower takeover bid from Rupert Murdoch's Fox. Copper rose 1 percent to $3.14 a pound. Silver climbed 0.7 percent to $16.70 an ounce.

In European trading, London's FTSE was down 0.67%.

Benchmark U.S. crude oil reversed an early loss and rose 0.4 percent to $68.64 a barrel in NY.

In Tokyo, the Nikkei 225 closed at 22,215, down 63 points while in Hong Kong the Hang Seng index tumbled 308 points to 30,828.

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