Dow sinks more than 300 points to session low as 10-year Treasury rate hits record low at 1.321%

U.S. stocks on Tuesday were giving up opening gains and trending firmly in negative territory as the 10-year Treasury note yield breached an all-time low, reflecting persistent worries about the impact of COVID-19, the illness derived from the novel s train of coronavirus, to supply chains and economies world-wide. The 10-year Treasury note hit an intraday low at 1.321%, according to FactSet data, which is just a few basis points below its 2016 nadir at 1.325%. Bond prices rise as yields fall. Stocks, meanwhile, appeared to come under pressure as yields for government bonds continued to edge lower. The Dow Jones Industrial Average was off 329 points, or 1.1%, at 27,656, following a more-than 1,000-point drop for the blue-chip gauge on Monday. The S&P 500 index retreated 1.1% at 3,191, while the Nasdaq Composite Index was down 1.1% at 9,116 in late-morning action. The 30-year Treasury note, meanwhile, has already hit an all-time low, achieved last week. The number of worldwide cases of COVID-19 continues to rise; there are now 80,238 cases in 34 countries and at least 2,700 deaths, according to the World Health Organization (WHO).

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