Quoted from Reuters:
Data showed new orders for U.S.-manufactured goods increased more than expected in May, showing demand for products remains strong even as the Fed seeks to cool the economy.
Separately, business growth across the euro zone slowed further in June and European natural gas prices surged again, reigniting worries of a recession in the bloc.
“Earnings projections were being artificially held up. Over the next two weeks, everyone is going to start lowering estimates and we expect to see a significant amount of volatility,” said Dan Genter, chief executive of Genter Capital Management.
Benchmark U.S. Treasury yields tumbled on Tuesday and a key part of the yield curve inverted for the first time in three weeks as economic growth concerns dented risk appetite and increased demand for the safe haven U.S. debt.