US stocks wiped out earlier gains, trading slightly below the flatline on Tuesday afternoon, amid rising Treasury yields while traders were assessing fresh economic data and latest corporate results.

The Dow Jones was down over 50 points, while the S&P 500 and the Nasdaq were losing nearly 0.3% and 0.5%, respectively.

The 10-year US Treasury yields rose 4.8%, back to 2007-highs while, US retail sales increased more than expected last month, reinforcing bets that the Fed will keep interest rates elevated for a longer period.

On the earnings front, J&J shares lost 1.4% despite upbeat results and outlook.

Goldman Sachs fell 2.1% after reporting a net profit of $2.06 billion, lower than $3.07 billion a year ago.

Conversely, Bank of America added 2.2% after the lender topped market forecasts for both EPS and revenue.

In corporate news, Nvidia fell over 4% after the Department of Commerce announced that it plans to prevent the sale of more advanced artificial intelligence chips to China.