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S&P 500 Extends Slide to Lowest Level Since July: Markets Wrap

  • Short-end yields at multiyear highs; curve inversion deepens
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WATCH: European stocks look cheaper than US shares but are still vulnerable to further declines, says Goldman Sachs’s Sharon Bell.Source: Bloomberg
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US stocks fell in a choppy session and Treasury yields climbed after the latest batch of economic data did little to dial back expectations for the Federal Reserve’s next move.

The S&P 500 extended declines in afternoon trading to close at the lowest level since July 18. It ended just above 3,900, a level that has become a battle line for bulls and bears in recent months, acting as a support in mid-May and then keeping a lid on advances briefly in June and July. The tech-heavy Nasdaq 100 underperformed major indexes Thursday, with growth-related stocks under pressure. Adobe Inc. posted the biggest one-day drop since 2010 after agreeing to buy software design startup Figma Inc. in a deal valued at about $20 billion.