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S&P 500 Slumps More Than 2% in Late-Day Selloff: Markets Wrap

  • Dollar gains, Treasuries fall in sympathy with European peers
  • Rate liftoff for ECB in July and faster path to normalization
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WATCH: The yen is expected to weaken further,s ays Carol Kong, a strategist at Commonwealth Bank of Australia.Source: Bloomberg
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US stocks fell for a second day with growth concerns in focus after Europe’s central bank became the latest to signal restrictive policies to combat inflation. The dollar gained and Treasury yields rose.

Selling accelerated in the last hour of trading, with the S&P 500 closing down 2.4% in the biggest one-day drop in three weeks. The tech-heavy Nasdaq 100 underperformed, with Apple Inc., Meta Platforms Inc. and Amazon.com Inc. all down more than 3%.