USA stocks close lower amid rising Treasury yield

E-mini S&P 500 Index

The Dow Jones Industrial Average closed at 24,706.41 for a loss of -193.00 points or -0.78%. The drop pulled the 30-company average to a slight loss for the year. US ambassador to China Terry Branstad said the two countries remain "very far apart" regarding a tariff resolution, after which White House economic adviser Larry Kudlow told Politico he supports efforts to reach an agreement.

Banks, which stand to prosper because of higher interest rates on loans, bucked the downward trend. The technological Nasdaq Composite expanded by 0.1% and ended at 7,411.32 points. The Russell 2000 index of smaller-company stocks finished flat at 1,600.34.

TECH TUMBLES: A slide in technology stocks weighed on the market.

Apple fell 1 percent, Amazon fell 1.9 percent and Wells Fargo climbed 0.9 percent.

The S&P 500 index fell 18 points, or 0.7 percent, to 2,712. Nvidia fell 4.4 percent to $244.13. "The most notable of these is the retail sales data for April, which is expected to be relatively good for a second consecutive month following a few poor numbers that were a little worrying", Craig Erlam, a senior market analyst for Oanda, said in a commentary.

"A combination of firm growth and higher interest rates is unnerving", said Anthony Chan, chief economist for Chase in NY.

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The Federal Reserve has signaled it will raise rates twice more this year, after having done so in March, and most economists foresee the next increase in June.

"The stock market was due for a digestion of the gains that we've seen over the last eight trading sessions, " said Quincy Krosby, chief market strategist at Prudential Financial. Small-company stocks also rose. The yield on the 10-year Treasury rose to 3.07 percent from 3 percent late Monday. MGM Resorts rose 1.6 percent.

HIT TO HOUSING: Homebuilders slumped amid expectations that higher mortgage rates may hurt home sales.

Home Depot Inc (HD.N) shares slipped 1.6 percent after the home improvement retailer missed sales forecasts as the long winter put a damper on demand for spring products.

Stocks are opening moderately higher on Wall Street, led by gains in technology, health care and energy companies.

ENERGY: Benchmark U.S. crude oil reversed an early side, rising 35 cents to settle at $71.31 a barrel in NY. Brent crude, used to price global oil, gained 77 cents to $79.00 a barrel in London.

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