As 10-year Treasury yields maintained multi-year highs on Tuesday, Wall Street's major indexes ended the day lower than they had started. Investors are still concerned about the possibility of sustained high interest rates and the potential economic consequences.

The Dow experienced its largest percentage drop in a single day since March, and all three major averages closed at their lowest levels in more than three months.

Following last week's aggressive longer-term rate outlook from the Federal Reserve, 10-year Treasury rates have risen to 16-year highs.

All 11 S&P 500 sector results were negative. The rate-sensitive utilities and real estate sectors both slumped 3.05%, while the weighty tech sector declined 1.8%.

The Dow Jones Industrial Average dipped 388.00 points, or 1.14%, to 33,618.88, the S&P 500 dropped 63.91 points, or 1.47%, to 4,273.53 and the Nasdaq Composite fell by 207.71 points, or 1.57%, to 13,063.61.

Investors are concentrating on the personal consumption expenditures price index due out on Friday to get a new perspective on the inflation situation. Additional statistics, such as those on durable goods and the second quarter's GDP, as well as statements from Fed leaders like Chair Jerome Powell, will be released this week.