12:27 PM EDT, 09/02/2025 (MT Newswires) -- US equity indexes headed lower after midday on Tuesday amid a sharp move higher in government bond yields, gold futures, and the dollar.

The Nasdaq Composite slumped 1.7% to 21,097.1, with the S&P 500 down 1.3% to 6,373.3, and the Dow Jones Industrial Average 1.1% lower at 45,038.5. All sectors except consumer staples fell intraday, with technology, communication services, and consumer discretionary leading the decliners.

Most Treasury yields rose, with the 10-year yield up 5.3 basis points to 4.28% and the two-year rate 3.3 basis points higher at 3.66%.

Gold futures advanced 1.7% to $3,577.4, after scaling a new peak of $3,581.40 earlier in the session. Silver futures surged 2.2% to $41.01, after hitting an intraday record of $41.34.

West Texas Intermediate crude oil futures jumped 2.1% to $65.34 a barrel.

In company news, Kraft Heinz ( KHC ) announced on Tuesday that its board has approved a plan to split the company into two independent, publicly traded entities through a tax-free spin-off. Shares slumped 6.7% intraday, the steepest decline on the S&P 500 and the Nasdaq.

Nvidia's ( NVDA ) shares dropped 3.8% intraday, among the worst performers in the Nasdaq and the Dow, following reports that e-commerce giant Alibaba ( BABA ) is developing its own integrated circuits to replace Nvidia's ( NVDA ) H20 chip.