12:54 PM EDT, 04/09/2024 (MT Newswires) -- US benchmark stock indexes declined with government bond yields while gold surged to a new record in midday trading on Tuesday.

The S&P 500 fell 0.2% to 5,192.2, with the Nasdaq Composite down less than 0.1% to 16,251.3 and the Dow Jones Industrial Average 0.3% lower at 38,780.2. Financials and industrials led the decliners, while real estate was the top gainer intraday.

The US 10-year yield dropped 5.8 basis points to 4.37%, slipping from its highest this year. A 5.3 basis point decline in the two-year Treasury pushed the yield to 4.74%, also retreating from the strongest level in 2024.

Gold futures at Comex for June delivery rose 0.6% to $2,364.5 per ounce after touching a new record high of $2,384.50 earlier in the session.

The rise comes ahead of the Wednesday release of the March US consumer price index, which is expected to show a headline gain of 3.4% annualized, up from 3.2% in February, while the core rate, which excludes volatile food and energy, is seen rising 3.7%, down from 3.8% a month earlier.

In economic news Tuesday, the National Federation of Independent Business optimism index fell to 88.5 in March, its lowest since 2012. Small business owners are facing challenges, with inflation cited as the top issue, while plans for hiring have slightly decreased despite significant job openings.

Meanwhile, Redbook US same-store sales jumped 5.4% from a year earlier in the week ended April 6, following a 5.2% gain in the previous week, due to mild weather and upcoming prom events. Sales growth will likely slow sequentially in April because Easter traffic in retail stores accelerated sales in the previous month.

West Texas Intermediate crude oil fell 1.1% to $85.44 a barrel.

In company news, Tilray Brands' ( TLRY ) shares plunged 20.6% intraday after the cannabis distributor reported weaker-than-expected revenue growth for the fiscal third quarter and tempered earnings expectations for the full year.