Meanwhile, benchmark Treasury yields rose above 4% on Tuesday.
In Europe, pushback on impending interest rate cuts by European Central Bank officials and news that the German economy contracted last year weighed on markets.
Stocks fell. All three indices were trading in the red. The Dow Jones Industrial Average fell more than 300 points.
Most major banks are under pressure. Morgan Stanley shares fell after announcing its quarterly results, while PNC shares fluctuated. Goldman Sachs rose after a sharp rise in profits. The bank stock index fell.
Tesla rose After CEO Elon Musk said he wants greater control over the electric car maker. Boeing Their decline continued as the long-awaited resumption of deliveries to China faced new delays.
Oil futures fell. Shell has halted shipments through the Red Sea to avoid attacks by Houthi rebels in Yemen.
Leading stocks Chinese companies listed in the United States declinedWith the Invesco Golden Dragon China ETF down 3%. Electric car company Nio’s ADRs fell 8%; Shares of Baidu, which owns the largest Internet search engine in China, and e-commerce giant JD.com, fell by about 4%.