Big Tech Logs Worst Three-Day Drop Since February: Markets Wrap
- Bonds sink worldwide on worries interest rates will stay high
- Stocks fall for third day as VIX fear gauge takes a leg higher
This article is for subscribers only.
US stocks fell for the third straight day as a global bond market selloff intensified and tamped down enthusiasm for growth-oriented tech giants.
The Nasdaq 100 fell 3.2% in its worst three-day slide since February. Investors are losing faith that the Federal Reserve is done raising interest rates after minutes from the last meeting suggested officials are considering tighter policy. The 10-year Treasury yield rose as high as 4.33% within a few basis points of its 2022 highs.