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Wall Street stocks sold off on Tuesday as rising Treasury yields piled on pressure and investors got a reminder not to expect a Federal Reserve interest rate cut anytime soon.

The S&P 500 (^GSPC) dropped nearly 1.4%, while the Dow Jones Industrial Average (^DJI) tumbled about 1.3%, or over 425 points. The tech-heavy Nasdaq Composite (^IXIC) was down nearly 2% after closing with a gain on Monday.

The moves sent the Dow into negative territory for the year, as it closed just above the 33,000 level.

Hawkish comments by Fed policymakers reminded investors that resilience in the US economy likely means borrowing costs will stay higher for longer. Traders are now pricing in odds of 29% that policymakers will hike rates at their November meeting, compared with 16% a week ago, according to the CME's FedWatch tool.

That prospect helped 10-year (^TNX) and 30-year Treasury yields (^TYX) rise to 16-year highs on Tuesday — a selloff in bonds that, combined with surges in oil prices and the dollar, has dampened appetite for stocks. The 10-year yield touched 4.8%.

In other economic news, the number of open jobs in the US increased in August, raising questions of whether the job market is cooling fast enough to appease the Federal Reserve. The latest Job Opening and Labor Turnover Survey, or JOLTS report, released Tuesday revealed there were 9.6 million jobs open at the end of August, an increase from the 8.83 million job openings in July. Economists surveyed by Bloomberg had expected there were 8.82 million openings in July.

The JOLTS report comes ahead of the highly anticipated September US jobs report on Friday.

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