Dow, Nasdaq Diverge While Treasury Yields Rise in Midday Trading

US benchmark stock indexes traded mixed while government bond yields climbed and crude oil fell after midday on Tuesday.

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The Nasdaq Composite rose 0.3% to 13,264.4, and the S&P 500 climbed 0.2% to 4,281.5, while the Dow Jones Industrial Average fell 0.1% to 33,527.5.

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Financials led the intraday gainers, while consumer staples, healthcare, and technology were the sole decliners.

The US 10-year yield rose 1.5 basis points to 3.71%, and the two-year yield jumped 3.5 basis points to 4.52%.

In economic news, the first look at consumer confidence for June showed only a marginal improvement from May, with the Investors’ Business Daily’s index rising to 41.7 from 41.6 as a debt ceiling showdown resolution looked more likely toward the end of the month, but consumers remain concerned about their finances.

The three components of the headline measure came up mixed. The six-month outlook index slid to 34.5 in June from 34.6 in May, the outlook for personal finances increased to 51.9 from 50.1, and the measure of confidence in Federal Economic Policies retreated to 38.6 from 40.

Meanwhile, the Redbook US same-store sales edged up 0.6% from a year earlier during the week ended June 3, following a 1.2% gain in the previous week.

In company news, the US Securities and Exchange Commission sued Coinbase Global (COIN) for allegedly operating an unregistered crypto asset trading platform, the regulator said Tuesday. Coinbase shares tumbled 11% intraday.

West Texas Intermediate crude oil fell 0.4% to $71.84 per barrel.

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