Stocks open lower, as Treasury yields keep up pressure and job data looms

U.S. stocks opened lower Tuesday morning, pulled down as the recent surge in bond yields continued to suppress investor sentiment.

“The hangover from strong economic data in the U.S. is still being felt, with the headache increasing about the likelihood of high interest rates setting in rattling nerves,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. Atlanta Fed President Raphael Bostic repeated the higher-for-longer theme Tuesday. “I am not in a hurry to raise, not in a hurry to reduce either,” Bostic said at a panel discussion, according to Reuters. “I am willing to be patient. I don’t think there is an urgency for us to do anything more.”

“The breadth of losses outside of tech was highlighted by the [S&P 500] equal weight index declining -1.11% with only 22% of the S&P 500 constituents up on the day despite its flat headline performance,” said Jim Reid, strategist at Deutsche Bank.

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