The 3 main US stock indexes plunged on Tuesday, hitting multi-week lows pressured by financials after disappointing earnings reports, and tech shares amid soaring Treasury yields.


The benchmark 10-year note hit 1.86%, its highest since January 2020 as many investors believe the Fed will need to tight monetary policy earlier than expected.


Meanwhile, the earnings season gathered pace. Goldman Sachs's earnings and profits missed estimates, sending the bank's shares down almost 7%.


At the same time, Microsoft dropped 2.3% after the company announced a $68.7 billion deal to buy video game company, Activision Blizzard.


Also, Gap plunged more than 6% after Morgan Stanley downgraded the company to “underweight” from “equal-weight”.


The Dow erased a much as 550 points to the lowest since December 20th, the S&P 500 dropped 1.8% to also touch levels not seen since December 20th, and the Nasdaq Composite plunged 2.6% to the lowest since October 12th.

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