US benchmark equity indexes were on track to close lower on Tuesday, extending negative sentiment and market volatility after the recent round of tariff announcements.

The Dow Jones Industrial Average dropped 0.9% to 37,608.23, while the Nasdaq Composite decreased 2.3% to 15,241.71. The S&P 500 was down 1.7% to 4,975.54. All sectors declined, with materials and energy as the worst performers.

Best Buy (BBY) shares were down almost 10%. Evercore ISI lowered price target on the company's stock to $70 from $80 and maintained its in line rating.

Humana (HUM) was the top performer on the S&P 500, with shares up nearly 10%. The US Centers for Medicare and Medicaid Services said late Monday it will raise payment rates for Medicare insurers next year. CVS Health (CVS) and UnitedHealth Group (UNH) gained 5% and 4.7%, respectively.

RTX (RTX) was up over 1%. The company's Pratt & Whitney business said Tuesday that it has developed a new additive manufacturing repair that will reduce process time by over 60% for critical GTF engine components.

The 10-year US Treasury yield gained 8.6 basis points to 4.24%, while the two-year rate was down 5.8 basis points to 3.68%.

May West Texas Intermediate crude oil was down 3.9% to $58.36 a barrel.