Stocks slump ahead of Fed’s key decision | Treasury yields pop | Picking winners as rates rise

The major averages declined on Tuesday, and Treasury yields jumped.

VIEW IN BROWSER | SUBSCRIBE TUE, SEP 20, 2022 EVENING BRIEF AS OF TUE, SEP 20, 2022 • 04:54 ET DJIA 30706.23 -1.01% -313.45 S&P 500 3855.93 -1.13% -43.96 NASDAQ 11425.05 -0.95% -109.97 Most Active DOW NAME LAST CHG %CHG AAPL 156.90 +2.42 +1.57% INTC 28.96 -0.48 -1.63% MSFT 242.45 -2.07 -0.85% S&P 500 NAME LAST CHG %CHG F 13.09 -1.84 -12.32% AAPL 156.90 +2.42 +1.57% TSLA 308.73 -0.34 -0.11% NASDAQ NAME LAST CHG %CHG AAPL 156.90 +2.42 +1.57% TSLA 308.73 -0.34 -0.11% NVDA 131.76 -2.06 -1.54% EDITOR'S NOTE Stocks stumbled and bond yields marched higher on Tuesday as traders braced for the next rate hike coming out of the Federal Reserve's September policy meeting.   Yields on the 2-year and 10-year Treasurys touched multi-year highs, fueling concerns that rates may rise even more in the months ahead and hurt equity markets. Meanwhile, Ford's stock recorded its worst day since 2011 as the automaker pre-announced a portion of its third-quarter results.   Investors are looking ahead to the central bank's rate decision and commentary from Fed Chairman Jerome Powell due out Wednesday.  Cresset Capital's Jack Ablin said Tuesday's market moves suggest investors anticipate a more hawkish stance from the central bank. However, some disagree.   "I don't think it's going to be as aggressive as maybe the market currently fears at this stage, given some of the global growth risks as well as domestic growth risks," said RBC Wealth Management's Thomas Garretson.   Like many investors, Garretson is focused on the Fed's economic projections ahead — which could offer clues into how much further the central bank needs to hike.   Samantha Subin | Associate Markets Reporter @samantha_subin Watch our live stream for all you need to know to invest smarter. TOP NEWS  Major averages close about 1% lower as yields rise ahead of Fed rate decision Fed expected to hike rates by three-quarters of a point again, but its forecast may matter most Ford stock suffers worst day since 2011 after cost warning, shedding $7 billion in market value The most expensive new iPhone models could boost Apple, top analyst says Gap eliminating about 500 corporate jobs as sales fall History shows these under-the-radar stocks will win as the Fed continues to lift interest rates Leon Cooperman says he's finding a lot of cheap stocks today. What he's buying GOP megadonor Peter Thiel to host fundraiser for Arizona Senate candidate Blake Masters Single-family rent increases cool for the third straight month 'Our world is in peril,' UN chief says in opening General Assembly address TOP VIDEO Chamath Palihapitiya unwinds two SPACs, cites high valuations and market volatility CNBC PRO This spin-off focused fund is crushing the market in 2022 with an unconventional portfolio SPECIAL REPORTS Influential health group says U.S. doctors should screen more adults for anxiety These are the top 5 most expensive states to buy a house in 2022 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