Wall Street Fear Gauge Ratchets Up After Jobs Data: Markets Wrap
- 10-year Treasury yield tops 4.75%, 30-year reaches above 4.9%
- Intel jumps in afterhours on standalone plan for chip unit
This article is for subscribers only.
Stocks sank while Treasury yields hit new multi-year highs after jobs data bolstered the case for the Federal Reserve to keep interest rates elevated.
The S&P 500 fell 1.4% to a four-month low while the Nasdaq 100 index dropped 1.8% after job openings unexpectedly increased in August. A House vote oustering Speaker Kevin McCarthy could further fuel uncertainty tomorrow. Wall Street’s fear gauge, the CBOE Volatility Index or VIX, rose above 20 intraday — a key level signaling increased skittishness in the market — the highest such reading since May. The ICE BofA MOVE Index, which tracks expected bond volatility, also approached May peaks.