Stocks Hit by Tech Rout as War Jitters Lift Oil: Markets Wrap
- Brent crude tops $80 as Mideast angst keeps investors on edge
- US 10-year yield tops 4% as bonds extend jobs-fueled slide
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A selloff in some of the world’s largest technology companies dragged down stocks, extending a slide that was also driven by geopolitical angst and bets the Federal Reserve will opt for a smaller rate cut next month.
The S&P 500 fell 1% after notching a four-week winning run. Alphabet Inc. sank 2.4% as a judge ruled it must lift restrictions that prevent developers from setting up rival marketplaces that compete with its Google Play Store. Brent crude jumped above $80 a barrel amid mounting tensions in the Middle East. In the wake of Friday’s solid jobs data, Treasuries continued to drop — with the 10-year yield topping 4%.