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Stocks Fall the Most in a Month; Bond Yields Climb: Markets Wrap

  • Dollar strengthens for second day against most major peers
  • Oil falls amid Russia’s plans to boost upcoming overseas sales
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WATCH: Frank Benzimra of Societe Generale says the Chinese market will see more upside as well as volatility.Source: Bloomberg
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U.S. stocks fell the most in a month and bond yields rose as investors evaluated the resilience of the global recovery amid concerns about the delta virus strain and risks from China.

The 0.9% drop in the S&P 500 came amid the quarterly expiration of options and futures on Friday, which can trigger volatility. The materials, utilities and technology sectors pushed the benchmark index into the red for a second day, erasing gains from earlier in the week. The index dipped below its 50-day moving average, a key technical level that has provided support during previous market selloffs this year. The tech-heavy Nasdaq 100 slumped 1.2%, the biggest drop since May. Casinos extended declines amid tightening restrictions in Macau, while miners led a drop in Europe’s Stoxx 600 Index as iron ore slumped toward $100 a ton.