Stock market today: Dow sinks more than 400 points, yields rise to 2024 highs

US stocks sank on Tuesday as healthcare insurers tumbled and investors faced the chance that an interest rate cut will come later than hoped. The Dow Jones Industrial Average slipped about 1.1%, or more than 400 points, setting the blue-chip index back from a bid to reach the key 40,000 level. The S&P 500 shed about 0.9%, while the tech-heavy Nasdaq Composite led the declines, sliding roughly 1.2%.

Hotter-than-expected manufacturing readings, which came alongside increases in prices paid, have given weight to growing doubts the Federal Reserve will cut rates in the first half of the year as the US economy shows surprising resilience. In economic news, the new data from the Bureau of Labor Statistics showed job openings were marginally higher in February while hiring ticked up slightly.

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