S&P 500 falls to new bear market low | 10-year Treasury yield nears key 4% level | UBS' stock picks

The broader market index fell deeper into a bear market on Tuesday after setting a new 2022 low.

VIEW IN BROWSER | SUBSCRIBE TUE, SEP 27, 2022 EVENING BRIEF AS OF TUE, SEP 27, 2022 • 05:02 ET DJIA 29134.99 -0.43% -125.82 S&P 500 3647.29 -0.21% -7.75 NASDAQ 10829.50 +0.25% +26.58 Most Active DOW NAME LAST CHG %CHG AAPL 151.76 +0.99 +0.66% INTC 26.89 -0.08 -0.30% MSFT 236.41 -1.04 -0.44% S&P 500 NAME LAST CHG %CHG AMD 67.17 +0.87 +1.31% F 11.91 -0.08 -0.67% AAPL 151.76 +0.99 +0.66% NASDAQ NAME LAST CHG %CHG AMD 67.17 +0.87 +1.31% AAPL 151.76 +0.99 +0.66% TSLA 282.94 +6.93 +2.51% EDITOR'S NOTE The S&P 500 fell deeper into a bear market on Tuesday after notching a new 2022 low. The broader market index slid to 3,623.29 during the session, which broke below the June intraday low of 3,636.    Stocks initially got a boost after Chicago Federal Reserve President Charles Evans signaled some apprehension about the central bank raising rates too quickly to fight inflation. The Dow Jones Industrial Average surged nearly 400 points at its session highs — before erasing those gains and closing down by about 125 points.    But then the rally fizzled out as the yield on the benchmark 10-year Treasury note approached a key 4% level that it hasn't touched since 2010.   "The fact that we lost support at both 3900, 3800 and certainly made a beeline to the June lows tells you that the risk-off environment hasn't changed much over the course of the last six weeks," said Art Hogan, chief market strategist at B. Riley Financial.   "We're still concerned that the Fed is going to overdo it and push the economy into recession," Hogan added. Still, there are buying opportunities as markets continue to tumble, according to BMO Capital Markets. The firm said 66% of S&P 500 stocks are trading below their historical forward price-to-earnings multiples, compared to 40% at the end of 2021.    "We believe it is also important to note that while there is still plenty of uncertainty in the market, there is now also plenty of value beneath the surface for investors focused on stock picking," BMO's Brian G. Belski wrote in a Monday note.   The strategist indicated that the energy and communication sectors offer plenty of value picks for investors, while utilities stocks are more expensive. Sarah Min | Investing Reporter at CNBC Pro @_sarahmin Watch our live stream for all you need to know to invest smarter. TOP NEWS  S&P 500 ends Tuesday down after notching a fresh bear market low, Dow slips more than 100 points Home prices cooled in July at the fastest rate in the history of S&P Case-Shiller Index White House, FEMA urge Floridians to listen to local officials, evacuate if asked as Hurricane Ian approaches The S&P 500 falls to a fresh low for the year. Here's where stocks may go next Fed's Evans says he's getting a little nervous about going too far, too fast with rate hikes Investors shouldn't wait for the Fed to rescue the market this time GM delays return-to-office mandate after employee backlash Nord Stream pipelines hit by suspicious leaks in possible sabotage; Russia says it has 'a right' to use nuclear weapons Feds sought to jail father charged in $100 million New Jersey deli scam with Hong Kong-based son at large All 50 states get green light to build EV charging stations covering 75,000 miles of highways TOP VIDEO High yield corporate debt will have a softish landing compared to market pricing, says Loop Capital's Kimball CNBC PRO Profit expectations are still way too high. UBS on what to buy and what to avoid SPECIAL REPORTS Medicare standard Part B premiums will drop by 3% next year, to $164.90 Stock market losses wipe out $9 trillion from Americans' wealth Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS