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NEW YORK: Wall Street’s main indexes pared gains on Tuesday, as US Treasury yields rose on growing worries about interest rates staying higher for longer, while gains in Nvidia shares fizzled out in the run up to the chip designer’s earnings.

The yield on the 10-year Treasury note scaled over 15-year highs after a brief pullback, dragging equities lower. “The reason why we’re seeing pressure on US stock market today is that we’re seeing the reality of higher yields having an impact on markets,” said Phil Blancato, chief executive officer of Ladenburg Thalmann Asset Management.

Traders’ bets of a pause in rate hikes next month stand at 84.5%, while odds of a 25 basis point rate hike in November have risen to nearly 39% from about 35.8% a week ago, according to CME Group’s FedWatch tool.

At 9:59 a.m. ET, the Dow Jones Industrial Average was down 21.71 points, or 0.06%, at 34,441.98, the S&P 500 was up 2.95 points, or 0.07%, at 4,402.72, and the Nasdaq Composite was up 19.74 points, or 0.15%, at 13,517.33. Keeping the Dow under pressure, sports retailer Nike fell 0.5% after a downbeat profit forecast from Dick’s Sporting Goods.

Among other stocks, Lowe’s Cos rose 3.1% after the home improvement retailer topped quarterly profit estimates. Activision Blizzard gained 1.0% after Microsoft offered to sell the “Call of Duty” maker’s non-European streaming rights to Ubisoft Entertainment to get the deal past British regulators. US regional lenders KeyCorp and Comerica slipped 1.9% and 1.3%, respectively, following an S&P downgrade.

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