U.S. stocks fell on Tuesday, with major indexes retreating from early highs as a rise in bond yields provided another reason for caution at a time when the first-quarter earnings season is failing to excite investors, despite some strong reads from corporate America.

While the earnings season remained in full swing, with results from a number of major firms, the tone was generally negative, with several bellwether stocks slumping despite posting numbers that were ahead of analyst forecasts.

What are markets doing?

The Dow Jones Industrial Average dipped 130 points to 24,317, a decline of 0.2%. The S&P 500 index fell 2 points to 2,668, a loss of 0.1%. The Nasdaq Composite Index declined by 32 points, or 0.5%, to 7,097.

If the Dow closes in negative territory, that will mark its fifth straight negative session, its longest such streak since March 2017. The Nasdaq is threatening its fourth straight down day, its longest streak since February.

Financial stocks were among the strongest performers of the day, with the industry up 1%. While rising bond yields are seen as a headwind to the overall market because they push up borrowing costs for American corporations, banks generally benefit as higher yields and interest rates can support their net interest margins, which in turn lifts their profits.

What is driving the market?

Trading in the stock market has been heavily influenced by U.S. bond yields, and that theme re-emerged as the 10-year Treasury rate touched the psychologically important 3% handle on Tuesday and hit a four-year high. Yields and debt prices move in opposite directions.

Earnings were also a major focus, with a deluge of high profile companies reporting results before the open. The season has so far been strong, and more than 80% of the S&P 500 companies reporting so far have beaten profit forecasts. While that’s above the 73% that beat in the fourth quarter of 2017, better-than-expected results often haven’t been enough to lift shares thus far this season.

What are strategists saying?

“Crossing 3% on the 10-year is something that will certainly raise concerns, but at this stage of the cycle, higher yields aren’t antithetical to rising stock prices. For the time being I think we’re fine, but we’re certainly keeping an eye on the yield curve, especially if the Fed becomes more aggressive,” said Bruce McCain, chief investment strategist at Key Private Bank. “Ultimately earnings remain the primary driver, along with the fact that the economy is still in pretty good shape.

Hussein Sayed, chief market strategist at FXTM, said that “the 3% by itself is just a psychological level and not a significant threat, but if a break above leads to further selling in Treasury bonds, that’s going to be a serious warning signal for equity bulls. With a current world running on A.I and algorithms, a selloff may look ugly.”

What stocks are in focus?

United Technologies Corp. raised its guidance for the full year after releasing first-quarter earnings that blew past estimates. Shares rose 0.9%.

Coca-Cola Co. reported earnings that slightly beat expectations, but the stock fell 1.9%.

Caterpillar Inc. surged 3% after the maker of construction and mining equipment reported first-quarter profit and sales that were well above expectations. On the downside, 3M Co. fell 7% as the company said its full-year earnings would be lower than previously expected.

Shares of Alphabet Inc. sank 3.9% even after the Google parent late Monday reported earnings ahead of analyst estimates.

Travelers Cos. Inc. lost 3.6% before the open after its first-quarter earnings missed forecasts.

Verizon Communications Inc.’s stock rose 2% after the company announced better-than-expected results for its March quarter.

Freeport-McMoRan Inc. fell 9% after the company reported first-quarter earnings and revenue that missed expectations.

Eli Lilly & Co. rose 1% after raising its 2018 profit guidance.

Harley-Davidson Inc. reported revenue and earnings that came in above analyst expectations. Shares were up 0.1%.

PulteGroup Inc. gained 5% after reporting strong first-quarter results.

Sanmina Corp. rallied 22% after the electronics maker late Monday reported profit and sales above Wall Street estimates.

U.S.-listed shares of SAP AG climbed 3.6% after the German software giant raised its outlook for 2018 to reflect the acquisition of Callidus Software Inc. and a strong first-quarter operating performance.

What economic data are in focus?

The S&P/Case-Shiller national index rose a seasonally adjusted 0.5% and was up 6.3% compared with a year ago in February, hitting a four-year high.

U.S. consumer confidence index rose to 128.7 in April from 127, while new-home sales were at a seasonally adjusted annual rate of 694,000 in March, the Commerce Department said.

What are other markets doing?

Asian markets closed mostly higher, with Chinese stocks getting a lift from the government announcing deeper economic and market reforms.

Stocks in Europe are also trading higher, with the Stoxx Europe 600 index up 0.1%.

Oil prices slipped slightly, with Brent briefly breaking above $75 a barrel and trading around its highest level since November 2014.

Gold rose while the ICE U.S. Dollar Index was flat.