|I:DJI||DOW JONES AVERAGES||30841.25||-126.57||-0.41%|
|I:COMP||NASDAQ COMPOSITE INDEX||11269.390589||-52.85||-0.47%|
The Dow Jones Industrial Average fell over 65 points or 0.2%, while the S&P 500 and Nasdaq Composite slipped 0.6% and 1.2%, respectively.
The 10-year Treasury hovered around 2.35% after the yield curve briefly inverted a potential recessionary signal.
Progress between Russia and Ukraine has cooled per reports after Russia's announcement that it would scale back military operations near Ukraine's capital, Kyiv.
|USO||UNITED STATES OIL FUND L.P.||74.78||-6.89||-8.44%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||30.82||-2.52||-7.56%|
U.S. oil rose to $107.82 per barrel, while Brent, the global benchmark, hit $113.45
Chipmakers are in focus after Micron lifted its forecast and now expects to earn $8.7 billion in third quarter revenue.
"With outstanding first half results, Micron is on track to deliver record revenue and robust profitability in fiscal 2022" said President and CEO Sanjay Mehrotra.
|MU||MICRON TECHNOLOGY INC.||56.73||+3.08||+5.74%|
|AMAT||APPLIED MATERIALS INC.||86.00||-0.27||-0.31%|
In other earnings news, Lululemon shares rose as the company also posted better-than-expected fourth-quarter adjusted earnings despite reduced store hours due to an increase in Omicron infections.
|LULU||LULULEMON ATHLETICA INC.||283.62||+20.24||+7.68%|
Chewy shares fell after the company issued higher-than-expected losses in the fourth quarter.
Movement in the bond market on Tuesday has Wall Street concerned about the possibility of a recession. Bond investors pushed up short-term rates to the point where yields on the two-year Treasury were actually higher than the 10-year Treasury.
On the economic docket, the payroll processing firm ADP reported 455,000 private-sector jobs, were created in March in line with estimates. It is the first of this week's labor-related reports ahead of Friday's release of the monthly jobs report from the government.
The final estimate of 4Q GDP was lowered to 6.9% from 7.0%, which is well above the 2.3% growth rate in the third quarter.
Bitcoin traded around $47,000.
FOX Business' Ken Martin and The Associated Press contributed to this report.