Dow falls 400 points as U.S. stocks fall Tuesday morning after Memorial Day weekend

U.S. stocks were down soon after the opening bell Tuesday morning, with the Dow Jones Industrial Average leading the decline after Memorial Day weekend. The Dow Jones Industrial Average was down 408 points, or 1.2%, at around 32,805 DJIA, -0.67%, while the S&P 500 SPX, -0.63% fell around 1% and Nasdaq Composite COMP, -0.41% dipped about 0.8%, according to FactSet data, at last check. Federal Reserve Gov. Christopher Waller said in a May 30 speech in Frankfurt, Germany that he supports 50-basis-point rate hikes for “several meetings.” Waller said, “I am not taking 50 basis-point hikes off the table until I see inflation coming down closer to our 2 percent target.” The yield on the 10-year Treasury note TMUBMUSD10Y, 2.871% jumped Tuesday morning, rising 11 basis points to around 2.85%, FactSet data show, at last check.