<div id="readability-page-1"><p>Both the S&amp;P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed lower on Tuesday as long-term rates continued to rise amid elevated inflation expectations.</p><h3>Claim 55% Off TipRanks</h3><ul><li>Unlock  hedge fund-level data  and  powerful investing tools  for smarter, sharper decisions  </li><li> Discover top-performing stock ideas and upgrade to a portfolio of market leaders with  Smart Investor Picks  </li></ul> <h2><strong>News That Moved the Stock Market Today</strong></h2> <ul> <li>The 30-year Treasury yield rose 3.1 bps to 5.17%, its highest level since April 2007, while the 10-year yield jumped 4.2 bps to a 16-month high of 4.66%. Falling rate cut odds have also supported rising yields, with the odds of one rate cut by the end of the year dropping to 0.6% on the CME FedWatch tool.</li> <li>A Bank of America survey showed that 66% of fund managers expect the 30-year yield to exceed 6% over the next year. </li> <li>Higher yields are generally viewed as a negative for equities because investors are more likely to purchase bonds instead of stocks. In addition, higher yields lead to a higher discount rate, which reduces the present value of future earnings.</li> <li>Kevin Warsh is set to be sworn in to succeed Fed Chair Jerome Powell on Friday. Ahead of the ceremony, President Trump said he would allow Warsh to &#34;let him do what he wants to do&#34; with interest rates.</li> <li>Alphabet (GOOGL) closed in the red, despite the company announcing at its Google I/O conference that Gemini now has 900 million monthly users. Alphabet also announced major changes to its search engine.</li> <li>Melius Research analyst Ben Reitzes raised his Micron (MU) price target to $1,100 from $700 and his SanDisk (SNDK) target to $2,350 from $1,500.</li> <li>Nvidia (NVDA) is set to report its earnings after the market close on Wednesday. Polymarket traders are pricing in a 97% probability of an earnings beat.</li> </ul></div>

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<p>The S&P 500 ETF (SPY) and Nasdaq 100 ETF (QQQ) fell as long-term bond yields rose due to inflation concerns. The 30-year Treasury yield reached 5.17%, the highest since April 2007. A Bank of America survey indicated 66% of fund managers expect yields to exceed 6% in the next year. Higher yields typically deter equity investment. Alphabet's stock declined despite announcing 900 million monthly users for Gemini. Micron's price target was raised significantly, while Nvidia is expected to report strong earnings.</p>

- The S&P 500 ETF (SPY) and Nasdaq 100 ETF (QQQ) closed lower as long-term rates rose amid high inflation expectations.  
- The 30-year Treasury yield reached 5.17%, while the 10-year yield rose to 4.66%, influenced by decreased rate cut odds, with 66% of fund managers anticipating the 30-year yield will exceed 6% within a year.  
- Higher yields typically deter equity investment, as they increase the discount rate affecting future earnings valuations.

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Stock Market Today: SPY, QQQ Retreat as Inflation Pressures Drive Bond Yields Higher