Stocks fell across the board and Treasury yields surged amid a ramp-up in speculation that central banks will have to boost interest rates sooner than earlier anticipated.
All but one of the 11 industry groups in the S&P 500 fell, while the Dow Jones Industrial Average had its biggest daily decline since November. The tech-heavy Nasdaq 100 sank more than 2.5%, dragged lower by megacaps such as Apple Inc. and Meta Platforms Inc. Microsoft Corp. retreated, spending $69 billion to buy Activision Blizzard Inc., while Goldman Sachs Group Inc.’s worse-than-expected fourth-quarter trading revenue weighed on banks. Higher oil prices helped underpin gains in energy stocks.
