RCI.B:CC - Stocks Bombarded as Higher Rates Pressure Indices

U.S. stocks dropped Tuesday as higher rates continue to pressure market sentiment, and the latest batch of retail earnings raised concern about the state of the consumer.

The Dow Jones Industrials cratered 435.8 points, or 1.3%, to open a short week at 33,390.88.

The S&P 500 retreated 48.97 points to 4,030.12.

The NASDAQ Composite moved backward 176.03, or 1.5%, to 11,610.34.

Home Depot shares fell 5.3% after the home improvement retailer posted weaker-than-expected revenue for the fourth quarter. The company also issued a muted outlook. Walmart, another Dow component, dipped 0.3% after posting its latest quarterly results. Walmart CFO John David Rainey said that consumers are buying fewer discretionary items as grocery prices remain high.

The Dow fell 0.1% last week, marking its third straight weekly decline. The S&P 500 slid for a second consecutive week, losing 0.3%. The tech-heavy NASDAQ Composite bucked the trend, rising 0.6%.

The Federal Reserve on Wednesday is scheduled to release the minutes from its meeting of Jan. 31 and Feb. 1. The central bank hiked rates by 25 basis points after that meeting.

Prices for the 10-year Treasury withered, lifting yields to 3.94% from Friday's 3.81%. Treasury prices and yields move in opposite directions.

Oil prices regained 68 cents to $77.02 U.S. a barrel.

Gold prices fell $6.40 to $1,843.80 U.S. an ounce.