Stocks Get Hit as Economic Jitters Spur Bond Rally: Markets Wrap
- US consumer confidence declines by most since August 2021
- ‘Magnificent Seven’ gauge extends slide from peak to over 10%
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Stocks closed at a five-week low and bonds surged as another disappointing reading on the US consumer fueled concern about the health of the world’s largest economy.
Another slide in the Nasdaq 100 pushed its four-day loss to around 5%, the most since early September. A gauge of megacaps extended a plunge from its peak to more than 10% - passing the threshold that meets the definition of a correction. Selling was heaviest in speculative corners of the market, with a 6% slide in Bitcoin spurring a plunge in exchange-traded funds specializing in crypto. A rally in Treasuries drove yields to their lowest levels in 2025.