U.S. stocks finished lower on Tuesday as Treasury yields spiked after a pair of strong economic reports dampened hopes for aggressive Federal Reserve interest-rate cuts this year. The Nasdaq Composite tumbled 1.

Treasury yields rise, with the 10-year reaching a nine-month high, and the dollar strengthens after data showing that U.S. job creation remains robust. Openings in November were 8.1 million, up from an upwardly-revised 7.

U.S. Treasury yields were little changed on Tuesday as investors awaited data that will provide insights into the state of the economy and the labor market.

Yields on U.S. government debt were little changed to slightly higher Tuesday morning, with the 30-year rate edging further into its highest level in more than a year, ahead of job-openings data for November.

Treasury yields are little changed to start payrolls week, while markets watch developments in Washington for clarity on how the Republicans will handle the economy. ADP will report on private-sector employment on Wednesday.

U.S. Treasury yields rose on Tuesday after economic data suggested services inflation is proving hard to tame. The 10-year Treasury yield climbed six basis points at 4.677%. The 2-year Treasury yield gained three basis points 4.

Treasury yields were hovering just shy of their highest since last May, and the 30-year yield was close to its highest since November 2023, as investors continued to show concern that President-elect Trump’s import tariff and immigration plans may revive inflationary pressures.