Stocks coughed up another sizable advance, the dollar jumped and gold plunged as investors continued to reprice assets to account for the Federal Reserve’s pivot to restrictive policy.
The S&P 500 erased a rally of almost 2%, while the Nasdaq 100 sank to its lowest since June. The Russell 2000 of small caps entered a bear market after tumbling over 20% from its peak. Tesla Inc. wiped out about $109 billion of its value as the electric-car maker pushed back introductions of new models amid supply-chain challenges. Intel Corp. dragged down chipmakers on a disappointing outlook. The two-year Treasury yield climbed. In late trading, Apple Inc. rallied on record sales that beat estimates, while Robinhood Markets Inc. slumped after revenue missed expectations.