US stocks turn mixed as 10-year Treasury yield retreats from 3% ahead of Fed meeting

• US stocks were mixed Tuesday after staging a big comeback in the prior trading session.
• The yield on the 10-year Treasury pulled back from 3% after hitting that level for the first time since 2018.

US stocks opened mixed Tuesday after staging a big comeback in the prior trading session, while investors look ahead to the Federal Reserve's next rate hike.

The Fed begins its two-day policy meeting on Tuesday, and markets are bracing for the first 50-basis-point rate hike since 2000 when a decision is announced Wednesday.

Additionally, the Fed is expected to detail plans to reduce the bank's balance sheet and kick off quantitative tightening. The yield on the 10-year Treasury pulled back from 3% Tuesday after hitting that level on Monday for the first time since 2018.

Here's where US indexes stood as the market opened 9:30 a.m. on Tuesday:

• S&P 500: 4,156.81, up 0.3%

• Dow Jones Industrial Average: 33,092.67, up 0.9% (31.17 points)

• Nasdaq Composite: 12,495.00, down 0.33%

Citigroup admitted that a trading error sparked a "flash crash" that sent Swedish stocks plunging as much as 8% and European shares tumbling on Monday before mostly recovering. The bank said someone made an error when inputting a transaction.

Energy giant BP announced it would be out of its long-term contracts with the Kremlin by the end of the year, and that it's purged its European refineries of Russian oil.

Russia appears set to avoid a default, as a clearinghouse processed its dollar bond payments with just one day remaining in a 30-day grace period.

Meanwhile, amid its bitcoin bond push, El Salvador's 10-year bond yields have hit 24%, surpassing the yields of all nations except war-torn Ukraine and raising skepticism over President Nayib Bukele's crypto financing plans.

Oil slipped, with West Texas Intermediate down 1.11% to $104.06 a barrel. Brent crude, the international benchmark, moved 1.13% lower to $106.36 a barrel.

Gold dipped 0.07% to $1,862.60 per ounce. The 10-year yield pulled back 7.2 basis points to 2.924%.

Bitcoin traded flat at $38.456.95.