US equities finished lower in Tuesday trading, though stocks ended near session highs. The Dow, S&P, and Nasdaq finished down 0.31%, 0.22%, and 0.23%, respectively. Big tech was mostly stronger though Amazon (AMZN) was a notable decliner. Managed care, machinery, road and rail, semis, restaurants, hotels, casinos, grocers, and HPCs were among the laggards. Steel, insurers, autos, biotech, homebuilders, cruise lines, and telecom fared better. Treasuries were weaker with the curve flattening amid some upward pressure on yields from hotter Canadian inflation. 2Y yield moved above 5.10%. The dollar was slightly higher on the euro and yen crosses. Gold finished little changed while Bitcoin futures were up 1.4%. WTI crude settled down 0.1%. Overall, rate backup and higher oil prices continued to be flagged as headwinds. Looking ahead, the markets expect a near-100% chance that the Fed will hold at Wednesday's FOMC meeting and maintain its hawkish higher-for-longer messaging.

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