The yield on the 10-year U.S. Treasury note hit 3% for the first time since 2014 in a vote of confidence for the economic expansion, but warnings from large companies that profits were peaking helped send the Dow industrials to their fifth straight decline.

Investors on Tuesday dealt with two conflicting messages. The rise in bond yields early in the day was a signal that the Federal Reserve might have to raise interest rates more rapidly to respond to economic growth and the prospect of more inflation. That could add fuel…