It was a wild day for markets Tuesday as traders digested news of supply-chain breakdowns, rising Treasury yields and the U.S. nearing its debt limit.
Oil touched a three-year high as demand continued to increase. Weather threats sent the price of cotton soaring. The yield on 10-year Treasuries rose to 1.55%, prompting stock market traders to scurry away from assets with particularly stretched valuations, like technology stocks. The Nasdaq 100 and Nasdaq Composite indexes suffered their biggest drops since March.