US stocks ended noticeably lower on Tuesday, as the first of two days of testimony from Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen on the state of government efforts to limit the economic damage from the COVID-19 pandemic. , without major surprises. However, growing concerns about long-term lockdowns in Europe due to the COVID pandemic helped lower risk appetite and boost CL.1 crude oil futures,
in a correcton, defined as a decrease of at least 10% from a recent peak. The Dow Jones Industrial Average ended about 335 points, or 1%, lower at 32,395, marking its worst day since March 4. The S&P 500 index SPX,
closed 0.8% to around 3,910, driven lower by declines in industry & services XLI,
and materials XLM,
while the Nasdaq Composite Index COMP,
ended the session 1.1% lower at around 13,228. The stock’s decline accelerated towards the end of the session and came even as the 10-year Treasury yielded TMUBMUSD10Y,
declined nearly 6 basis points to 1.63%. Bond prices rise as interest rates fall.