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 tumbled 697.10 points, or 2.1%, to conclude Tuesday at 33,129.59, its worst downturn since Dec. 15, when it fell 2.3%
The S&P 500 retreated 81.75 points, or 2%, to 3,997.34, marking its worst day since Dec. 15, when it fell 2.5%.
The NASDAQ Composite fell back 294.97, or 2.5%, to 11,492.30.
Home Depot was the worst-performing Dow member, losing 7% after the home improvement retailer posted weaker-than-expected revenue for the fourth quarter. The company also issued a muted outlook.
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 3.96% from Friday's 3.81%. Treasury prices and yields move in opposite directions.
Oil prices gave back 29 cents to $76.05 U.S. a barrel.
Gold prices fell $6.10 to $1,844.10 U.S. an ounce.