NEW YORK (TheStreet) -- Stocks were flat to slightly lower, moving off of session lows by the afternoon session as Treasury yields pulled back from six-month highs hit earlier in the day.
The Dow Jones Industrial Average was down 180 points at session lows. By mid-afternoon Tuesday, the blue-chip index was down just 0.05%, or 8 points. The S&P 500 was down 0.16%, and the Nasdaq declined 0.17%.
Crude oil rallied to $60 a barrel as the dollar weakened on the global bond rout. The price surge seemingly ignored a Goldman Sachs report which estimated the global oil market will be oversupplied by 1.9 barrels a day this quarter.
"Today's rally is sponsored in part by yesterday's drilling productivity report in the U.S. from the EIA, which points to a drop in U.S. oil production at a couple of key shale plays next month," said Matt Smith, commodity analyst at Schneider Electric. "This bullish influence is in conjunction with a sliding U.S. dollar amid a strong selloff in global bond markets and equity markets too."
Rackspace Hosting (RAX) led losses in the technology sector, tumbling after quarterly revenue missed estimates. Second-quarter sales guidance also disappointed as currency headwinds undermined top-line growth.