(MENAFN- Baystreet) Wall Street Selloff Gains Steam on Rate Hike Threat
Stocks fell Tuesday as traders kept an eye on rising Treasury yields, which hit a 16-year high.
The Dow Jones Industrials descended 421.08 points, or 1.3%, to regroup Tuesday at 33,012.27.
The S&P 500 index sagged 63.16 points, or 1.5%, to 4,226.96.
The NASDAQ index stumbled 233.12 points, or 1.8%, to 13,074.65.
Stocks moved to their lows of the session as yields spiked further following the release of the August job openings survey, which signaled a still tight jobs market. The survey showed 9.6 million open roles in the month. Meanwhile, economists polled by Dow Jones had anticipated 8.8 million jobs.
The S&P 500 fell to its lowest level since the start of June. Veralto and spice manufacturer McCormick & Company led the broad market index's losses on Tuesday, with both stocks down 9% and more. Cruise company Carnival declined by 6.3%, followed by Airbnb and Viatris both down more than 5%.
Investors are hoping to turn the page on a disappointing September for stocks. All three major indexes closed the month and the third quarter lower. The S&P 500 alone lost nearly 5% in September.
That means key economic reports - such as last month's payroll reports, due Friday - and the kickoff of earnings reporting season next week are back in focus.
Prices for the 10-year Treasury swooned, hiking yields to 4.79% from Monday's 4.69%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.10 to $89.92 U.S. a barrel.
Gold prices faded eight dollars to $1,839.20.
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.