Stocks fell Tuesday as rates ticked higher and Wall Street pored through the latest batch of fourth quarter earnings. Investors also awaited more data that can give better glimpse into the state of the American consumer.
The Dow Jones Industrials plunged 191.03 points at 37,401.95.
The S&P 500 sank 21.06 points to 4,762.77.
The NASDAQ crumbled 66.48 points to 14,906.28.
Markets were closed on Monday for Martin Luther King Day.
Several major banks released their quarterly earnings Tuesday morning. Goldman Sachs reported better-than-expected profit and revenue, while Morgan Stanley posted a revenue beat in the fourth quarter. Shares of Goldman fell 0.6% while Morgan slipped 3.5%.
Investors are also looking ahead to December retail sales data out Wednesday, which could fuel recessionary fears and concerns about economic growth if U.S. consumer spending sees a cooldown.
Wall Street is coming off its 10th positive week in 11. The Dow and S&P 500 gained 0.3% and 1.8%, respectively, last week. The Nasdaq jumped 3% for its biggest weekly gain since November.
Prices for the 10-year Treasury slipped, raising yields to 4.01% from Friday's 3.94%. Treasury prices and yields move in opposite directions.
Oil prices subtracted 52 cents to $72.16 U.S. a barrel.
Gold prices dipped $10.90 to $2,040.70.