Read more about Wall Street stumbles on rising Treasury yields, growing inflation worries on Business Standard. The Dow Jones Industrial Average fell 569.38 points, or 1.63%, to 34,299.99
Wall Street stocks ended sharply lower on Tuesday in a broad sell-off driven by rising U. S. Treasury yields, deepening concerns over persistent inflation, and contentious debt ceiling negotiations in Washington. All three major U. S. stock indexes slid nearly 2% or more, with interest rate sensitive tech and tech-adjacent stocks weighing heaviest as investors lost their risk appetite. It was the S&P 500 index’s biggest one-day percentage drop since May, and the Nasdaq’s largest since March. The S&P 500 and the Nasdaq Composite index were on track for their largest monthly declines since September 2020. « The big picture is the sudden surge in the past week of yields, which has led to a ‘sell first, ask questions later’ mentality, » Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina. « (But) there are multiple factors weighing on sentiment today, » Detrick added. « The back-and-forth in Washington with the debt ceiling and the spending bill and potential higher taxes have weighed on overall investor psyche and has led to a pretty good sized sell-off.
