Stocks were sharply lower in afternoon trading Tuesday, after retreating from early-session gains, as Treasury yields rose following the release of fresh economic data that raised questions about where interest rates are headed.

The Dow Jones Industrial Average and other major indexes traded higher Tuesday, as Wall Street awaited employment data due out just after the stock market open. Leading the pack was Nvidia, which rallied to record highs in premarket action after Chief Executive Jensen Huang unveiled new artificial intelligence initiatives at CES 2025.

Nvidia stock surged past a buy point Monday, nearly hitting a record high. Nvidia CEO Jensen Huang will speak tonight.

The Roundhill Magnificent Seven ETF, which holds Nvidia, Apple Inc., Microsoft Corp, Google parent Alphabet Inc., Amazon.com Inc., Tesla Inc. and Facebook parent Meta Platforms Inc, was up 2.3%, according to FactSet data, at last check. That exceeded the S&P 500’s 1.3% rise.

Wall Street's major averages dipped on Tuesday, as investors received the latest round of labor data in the form of the JOLTS report. Early on and the S&P 500 (SP500) was -0.3%, the Nasdaq Composite (COMP:IND) was -0.