All three main equity benchmarks opened in the green but closed in the red on Tuesday as hot incoming economic data has market participants paring their rate-cut bets ahead of the Federal Open Market Committee's next policy meeting on January 28-29.
The yield on the 10-year U.S. Treasury note rose to 4.691%, its highest level since April, and has now climbed 102 basis points since the Fed started cutting interest rates in September. The U.S. dollar strengthened as well.
