U.S. stocks fell the most since June and volatility spiked higher as the rout in Treasuries that took yields to multiyear highs fueled a repricing of risk assets.
The S&P 500 dropped to a three-week low, with nine of the 11 main sectors retreating. High-dividend-yielding stocks dropped after the 10-year yield poked above 3.2 percent for the first time in seven years. Technology shares fell the most, with the Nasdaq 100 Index notching its worst day since June following Bloomberg’s report that China infiltrated American companies with hardware hacks. Higher rates lifted financial firms.