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US stocks opened lower on Tuesday, with the S&P 500 (^GSPC) slipping 0.18%, the Nasdaq Composite (^IXIC) dipping 0.35% and the Dow Jones Industrial Average (^DJI) falling 0.12%.
In the commodity market, wheat prices soared as much as 2% after Ukraine said Russian forces had blown up a giant dam in the country’s south, posing supply concerns for the Black Sea grain trade.
Meanwhile, oil continued to fall as optimism over Saudi Arabia’s plans for an extra million-barrel daily cut in crude output faded. WTI crude futures dropped 1.87% to $70.80 a barrel, while Brent futures fell 1.4% to $74.15 a barrel.
Treasury yields fell after the US government on Monday started to issue a wave of Treasury bills to rebuild its cash pile, which had been nearly drained over the last few months. The issuance of the new bills could impact liquidity in financial markets, and could have an adverse effect, according to investors and analysts.
The yield on the benchmark 10-year Treasury rose to 3.7%. The two-year note yield edged up to 4.4%, while the 30-year bond traded up to 3.8%. Meanwhile, the dollar index strengthened.
In other news, investors are still digesting events at Apple’s (AAPL) Worldwide Developer Conference on Monday. The tech giant introduced its most ambitious hardware lineup in years, including a highly anticipated mixed reality headset, Apple Vision Pro.
Apple shares ticked down slightly to $178.76 Tuesday, after losing hold of a record intraday high around $185 a share on Monday to end lower.
Sentiment elsewhere in tech remained upbeat, with shares of Unity Software Inc. (U) climbing more than 2% following a shoutout during the Apple event. GitLab Inc. (GTLB) shares surged 23% after the software company posted an earnings beat in its first quarter, while providing positive guidance.
Bitcoin’s price (BTC-USD) dropped to its lowest point in weeks, falling to below $26,000, as the crypto sector assessed the potential fallout from the SEC suit against Binance and its found Changpeng Zhao alleging violations of securities law. Associated crypto stocks declined Tuesday, with shares of exchange Coinbase (COIN) taking a nosedive of 19% after SEC slapped a lawsuit, signaling that no exchange is too big for it to go after.
Elsewhere, Australia’s central bank hiked its key interest rate by 25 basis points for the second time in a row. The Australian dollar jumped 0.68% after the surprise move.
Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv
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