U.S. Stocks Slide as Treasury Rally Stokes Angst: Markets Wrap

U.S. stocks fell more than 1% as political unrest in Hong Kong and Argentina fueled a rally in global bonds that continues to raise the specter of a looming recession. Gold surged.

The S&P 500 Index slumped for a second day and now sits almost 5% below its all-time high as the rally in Treasuries sparked by last week’s escalating trade tensions picked up steam. Risk assets came under pressure after authorities closed Hong Kong’s airport and a Chinese official said the city was at a “critical juncture.” Argentina’s peso and equities sank after voters turned on the president in a primary vote. Corn futures plunged the most since 2013 as more of the grain was planted than analysts had estimated.