NEW YORK (TheStreet) -- Stocks slumped on Tuesday, with the S&P 500 falling 1.1% as bond yields moved higher on the day. 

Support for 10-year Treasury yields has been at 1.85%, with resistance near 2.25%, said Guy Adami, managing director of, on CNBC's "Fast Money." Right now, yields are climbing to the upper end of that range and seem likely to move lower. 

While the iShares 20+ Year Treasury Bond ETF (TLT) - Get Report looked impressive the most significant catalyst for the next two months will come on Friday when the non-farm payrolls report for the month of April is released, he added. In the broader market, the iShares Russell 2000 ETF (IWM) - Get Report and iShares Transportation Average ETF (IYT) - Get Report have traded very poorly, he said. 

With the S&P 500 resting near its 50-day moving average, investors should be on the lookout for a breakout over 2,125 or a breakdown below 2,069, said Steve Grasso, director of institutional sales at Stuart Frankel. 

With inflation hovering around 2%, investors may start to anticipate a rate hike from the Federal Reserve sooner than previously expected if Friday's labor report is strong, said Brian Kelly, founder of Brian Kelly Capital.  

The strong dollar put a lot of downward pressure on oil prices, said Tim Seymour, managing partner of Triogem Asset Management. However, he sees oil prices rising. Brent crude has support at $55 and could possibly climb to $75 per barrel. 

Hedge fund manager David Einhorn, speaking at the Ira Sohn Conference on Monday, said the futures market expects oil prices to climb to $64 in 2016 and to $68 in the "long term."

But Dennis Gartman, editor and publisher of The Gartman Letter, said. Einhorn is not using the futures market correctly. It "does not predict where prices are going to go," he said but shows if the market has strong demand or is oversupplied. The latter is presently the case. 

Einhorn's theory that fracking companies are overvalued and are headed lower may be true, Gartman said. These companies have problems with their balance sheets and earnings. As for oil, "I'd much rather be a seller of crude oil than a buyer." (CRM) - Get Report stock was halted momentarily in afternoon trading on reports a company, this time Microsoft (MSFT) - Get Report, may be interested in buying it. There's only a few companies that could afford to take out Salesforce and its $46.5 billion market cap, Grasso said. Investors should stay long the stock, as the reports seem to have some validity. 

Herbalife (HLF) - Get Reportjumped in after-hours trading after topping earnings per share and revenue expectations. This report "makes it very hard to be bearish," Adami said. If the stock breaks above $50, shares may be on a new bullish trend. 

But Herb Greenberg, a parter at Pacific Square Research, said that while these results were better than expected, it's just one quarter Volume points and sales are still expected to have negative growth rates going forward and the Federal Trade Commission's investigation could ultimately deal a significant blow to the company's business. 

For their final trades, Seymour is buying ProShares UltraShort 20+ Year Treasury ETF (TBT) - Get Report and Grasso is a buyer of Peabody Energy (BTU) - Get Report with a stop-loss at $4.34. Kelly said to sell the iShares MSCI Germany ETF (EWG) - Get Report and Adami is buying the iShares 20+ Year Treasury Bond ETF.

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