Stocks fell lower Tuesday afternoon following renewed concerns over coronavirus pandemic lockdowns harming the global economic recovery. Investors also focused on remarks from Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen before Congress about the state of the United States economic recovery.

On Tuesday, Germany, Europe's largest economy, announced that it will be extending its coronavirus lockdowns by one-month. Regions throughout France also entered a month-long shutdown on Saturday, signaling that Europe may be beginning to see a third wave of infections.

Meanwhile, Fed Chair Powell and Treasury Secretary Yellen testified before the U.S. House Committee on Financial Services on Tuesday, with the pair notably stated that they are not worried about the stability of U.S. financial markets at this time. U.S. 10-year Treasury yields slipped to 1.624% following remarks that U.S. inflation is under control.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): -0.76% or -30.07 points to 3,910.52

Dow Jones Industrial Average (DIA  ): -0.94% or -307.65 points to 32,423.55

Nasdaq Composite Index (QQQ  ): -1.12% or -149.84 points to 13,227.70

For Stocks, Microsoft (MSFT  ) shares jumped on Tuesday as the tech company was reportedly looking to buy Discord for about $10 billion, according to Bloomberg sources. Travel names like American Airlines (AAL  ), Carnival (CCL  ), Norwegian Cruise Lines (NCLH  ), and United Airlines (UAL  ) all slumped amid concerns about global economic reopenings.

For Sector Performance, most sectors slipped into negative territory on Tuesday, with only Utilities (XLU  ), Consumer Staples (XLC  ) and Real Estate (XLRE  ) settling in the green. Health Care (XLV  ), Energy (XLE  ), Financials (XLF  ), Industrials (XLI  ) and Materials (XLB  ) led losses.

For Commodities and Currency, the U.S. Dollar (UUP  ) rose on Tuesday on falling U.S. Treasury yields as Powell stated that inflation will not rise at an uncontrollable rate. The dollar index was last up 0.65% at 91.8 against six other global currencies. Gold (GLD  ) prices fell alongside the gaining dollar as investors grew a bit less concerned about near-term inflation. Spot gold declined 0.6% to $1,727.31 per ounce, while U.S. gold futures settled 0.8% lower at $1,725.10 per ounce. Crude oil futures plunged around 6% lower on Tuesday as investors grew concerns over new pandemic restrictions and slow vaccine rollouts in Europe harming demand optimism. International benchmark Brent Crude (BNO  ) fell 5.9% lower at $60.79 per barrel, while domestic index West Texas Intermediate (USO  ) dropped by 6.2% to $57.76 each.

For Wednesday, market participants will turn their attention to a slew of fresh U.S. economic data as well as another day of testimonies from Powell and Yellen.