U.S. stocks opened lower on Tuesday as a selloff in long-dated Treasury bonds continued to weigh on stocks. On Tuesday, the yield on the 30-year bond BX:TMUBMUSD30Y reached its highest level since 2007, while the 10-year yield BX:TMUBMUSD10Y also climbed to fresh 16-year highs. The S&P 500 SPX fell 22 points, or 0.5%, to 4,265 at the open. The Nasdaq Composite COMP shed 96 points, or 0.7%, to 13,210. The Dow Jones Industrial Average DJIA was off by 154 points, or 0.5%, to 33,279. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Investors continued to sell off Treasurys on Tuesday, sending the 30-year rate up by 5.7 basis points to slightly above 4.85% and on its way toward the highest level since Oct. 16, 2007. The 10-year rate also rose 6.8 basis points to 4.75% and is heading for its highest since Aug. 13, 2007. Long-dated Treasury yields are in the process of going toward 5%, as traders incorporate the higher-for-longer theme in interest rates into their thinking. The selloff resumed on Monday after the government’s avoidance of a weekend shutdown assured a regular stream of economic data would arrive ahead of the Federal Reserve’s Oct. 31-Nov. 1 meeting.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

PNC Financial Services Group Inc. PNC said Tuesday it’s purchasing a $16.6 billion portfolio of Signature Bridge Bank NA commitment facilities from the Federal Insurance Deposit Corp. for an undisclosed sum. The deal is expected to add to PNC’s earnings including a boost of 10 cents a share in its fourth quarter results, the bank said. The deal closed on Monday. The FDIC set up Signature Bridge Bank after it was appointed receiver of New York-based Signature Bank in on March 12. PNC said the deal won’t have a material impact to PNC’s total assets, capital ratios or tangible book value per share. PNC stock is down 24% in 2023, compared to an 11.7% gain by the S&P 500 SPX.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Macy’s Inc. said Tuesday it’s planning to open up to 30 small-format stores through fall of 2025, that will add to the nearly 15 small-format Macy’s and Bloomingdale’s locations it currently operates. “Paired with a premier digital experience, these small-format stores enhance the company’s store portfolio with a mix of the best on- and off-mall locations, to deliver a seamless shopping experience across channels,” the department store chain said in a statement. The stores are about one-fifth the size of regular stores and offer a localized selection of goods. The stock M has fallen 44% in the year to date, while the S&P 500 SPX has gained 11.7%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Vericity Inc.’s VERY stock was up by 97% after the Des Plaines, Ill.-based insurance services company backed by private-equity firm J.C. Flowers, on Tuesday said it agreed to be acquired by iA Financial Corp. CA:IAG for $11.4 a share in cash, or a premium of 101% over its closing price in the previous session. The deal values Vericity at about $170 million. “Over the course of our investment in Vericity, J.C. Flowers supported management in transforming the business model by combining AI and rich data analytics to deliver innovative proprietary technology to power all aspects of the business,” Eric Rahe, co-president of J.C. Flowers, said in a statement. The deal is expected to close in the first half of 2024.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.