Stocks drop as Treasury bond yields push higher.

Mr. Moya said the volatility could persist as more companies report earnings and investors get a better idea of how rising wage and inflationary pressure hinder companies’ bottom lines.

Technology stocks were also lower on Tuesday, extending a trend in place since the start of the year. Amazon was down 2 percent, while Alphabet dropped 2.5 percent, and Meta, Facebook’s parent company, fell about 3 percent.

Microsoft shares dropped 2.4 percent on Tuesday after the company announced it would buy Activision Blizzard, the video game maker, for $68.7 billion in cash. Activision jumped 25.9 percent on the news, and shares of other game makers also rose. Electronic Arts shares climbed 2.7 percent, while Take-Two Interactive rose 1 percent.

Oil prices climbed sharply. Brent crude, the global benchmark, hovered above $88 a barrel in early trading Tuesday, reaching its highest level since 2014, before dropping slightly to $87.51. The price gains came after an attack on oil infrastructure and the killing of three people in the United Arab Emirates on Monday.

“The damage to the U.A.E. oil facilities in Abu Dhabi is not significant in itself, but it raises the question of even more supply disruptions in the region in 2022,” Louise Dickson, senior oil markets analyst at Rystad Energy, wrote in a note.

Futures for West Texas Intermediate were up 1.9 percent to $85.43 percent a barrel on Tuesday.

Prices for cryptocurrencies also fell slightly on Tuesday, with Bitcoin priced at around $41,656, according to CoinDesk. Cryptocurrencies have been tumbling since November, with Bitcoin and Ethereum each down by more than 30 percent.

“While the weakness in crypto over the past couple months may not be completely related to the rise in inflation, it seems as though that may be a contributing factor in the recent slide,” said Lindsey Bell, a market strategist for Ally Invest. “Right now, crypto isn’t living up to the inflation hedge hype.”