Stock market today: Live updates

Stocks fell Tuesday as traders kept an eye on rising Treasury yields, which hit a 16-year high.

The Dow Jones Industrial Average lost 226 points, or 0.7%. The S&P 500 slid 0.8%, and the Nasdaq Composite pulled back 1%.

Seasoning and spice manufacturer McCormick & Company led the broad market index’s losses on Tuesday, falling more than 7% after announcing its quarterly earnings. Kellogg also declined by 7%, followed by Veralto and Airbnb down 4.1% and 3.4%, respectively.

The August Job Openings & Labor Turnover Survey released Tuesday showed 9.6 million open roles in the month. Meanwhile, economists polled by Dow Jones had anticipated 8.8 million jobs.

The 10-year Treasury yield last traded at 4.704%, easing from 4.745% earlier Tuesday morning, which was its highest level since Aug. 15, 2007. The benchmark yield has surged in the past month, as traders assess the possibility of tighter Federal Reserve for longer.

Investors have been fretting recently over the potential of higher interest Federal Reserve for longer, fearing that tighter monetary policy could tip the economy into a recession. This has pushed Treasury yields to levels not seen in more than a decade.

“Stocks are attempting to rebound but bulls remain chastened and diffident, with little appetite to chase on the upside,” wrote Adam Crisafulli of Vital Knowledge. “At this point, buyers seem willing to miss the next ~2-4% of an advance to ensure the lift is on more stable footing before participating.”

Wall Street is coming off a mixed session, after lawmakers in Washington arrived at a short-term agreement over the weekend that headed off a government shutdown.

Investors are hoping to turn the page on a disappointing September for stocks. All three major indexes closed the month and the third quarter lower. The S&P 500 alone lost nearly 5% in September.

That means key economic reports — such as last month’s payroll reports, due Friday — and the kick off of earnings reporting season next week are back in focus.