"Market Plunge: Tesla Sales Drop, Inflation Fears Drive Stocks Lower, AT&T Data Breach"

US stocks closed lower as bond yields and oil prices surged, raising concerns about delayed interest rate cuts. Tesla's stock fell after reporting a first-quarter delivery miss, while health insurer stocks tanked following US regulators' decision not to increase payments for Medicare Advantage plans. The labor market showed signs of normalcy, with steady job openings and a slight increase in hiring, while high-income consumers expressed election jitters and concerns about rising gas prices impacting consumer spending. Fed's Mester still expects three rate cuts later this year despite choppy inflation readings.