The Globe and Mail reports in its Wednesday edition that U.S. and Canadian stocks fell on Tuesday as investors weighed chances that the Federal Reserve will delay cutting interest rates. A Reuters dispatch to The Globe says that investor caution grew as U.S. Treasury 10-year yields rose to their highest since November. Canada's 10-year bond yield touched its highest level since mid-February at 3.678 per cent. Recent strong U.S. economic data have raised doubts about whether the Fed could deliver the three rate cuts outlined in its latest forecast. "The narrative of 'higher for longer' is coming back into play despite the fact that the Fed does see a rate cut sometime this year. So this has got the market worried," said Quincy Krosby at LPL Financial in Charlotte, N.C. The S&P 500 remains up 9 per cent for the year so far. The S&P/TSX composite ended down 110.15 points at 22,075.10, pulling back from a record closing high on Monday. Telcos led declines in Toronto, falling 2 per cent, after BMO cut its share price targets for several names in the sector. The firm also lowered its ratings on both BCE and Quebecor. The energy sector added 1.2 per cent as oil settled 1.7 per cent higher at $85.15 (U.S.) a barrel.