The 10-year Treasury yield ( ^TNX) added to recent gains to touch a 14-month high, trading around 4.8% as US bonds sold off. Meanwhile, the dollar ( DX-Y.NYB) surged to a two-year high against major currency peers, with the UK pound ( GBPUSD=X ), in particular, coming under pressure.

The S&P 500 and Nasdaq have both felt pressure as shares of major tech companies came under pressure Monday. Investors continue to keep a close eye on rising Treasury yields, which heighten worries about valuations, particularly for some of the market's most highly valued names.

U.S. stock indexes are split on Monday as drops for Nvidia and other Big Tech companies work against gains for oil-and-gas producers. The S&P 500 was virtually flat in late trading after erasing an earlier fall of 0.

Asian shares traded mixed Tuesday, echoing Wall Street trading, where gains for oil-and-gas producers helped offset drops for Nvidia and other Big Tech companies.