Stocks slide as the 10-year hits its highest level in 7 years

Getty Images / Spencer Platt

• The release of strong economic data pushed the 10-year-yield higher.
• In response, the broader US stock market, oil prices, and gold prices slid.
• Watch the S&P 500 trade here.

US stocks slid Tuesday as the 10-year yield hit its highest level in seven years in response to solid economic data in the form of Empire Manufacturing and retail sales. The data fueled further speculation that the Fed will hike interest rates as many as four times in 2018.

The S&P 500 Index traded lower, down 0.82%, as the 10-year Treasury yield hit 3.07%, its highest level since 2011. Tuesday's selling comes as Bloomberg's World Interest Rate Probability data showed traders think there is now a greater than 50% chance the Fed will hike rates four times this year. Real estate and healthcare stocks led the fall, trading down 1.6% and 1.35%, respectively.

Meanwhile, Tesla fell for a fourth straight day, losing another 2.3% after one of the company's biggest bulls on Wall Street turned bearish. The fall started last week when a Tesla Model S operating on Autopilot crashed into a fire department vehicle. Then, the Wall Street Journal reported the company's senior vice president of engineering Doug Field would be taking six weeks off. Another engineer, Matthew Schwall, reportedly left for competitor Waymo a day later. By Monday, CEO Elon Musk had announced a company wide re-organization plan.

Facebook lost as much as 2% after revealing it shut down 583 million fake accounts within the last 3 months. The company estimated 3%-4% of its 2.2 billion first-quarter monthly active users are "fake."

And Home Depot is falling after reporting first-quarter results showed same-store sales and revenue missed Wall Street expectations. The company said colder weather weighed on the sale of spring products and customer traffic into stores.

Oil jumped to near three-year high Tuesday morning, only to be pushed back down 1% as the 10-year yield spiked. The energy component had been climbing after OPEC announced it cut more supply than expected and last week, the US pulled out of the Iran nuclear deal which would put sanctions back in place and decreased oil supply from Iran.

Elsewhere, gold fell more than 1.5%, sliding below the $1,300 mark for the first time this year.

Get the latest Gold price here.