Stock market today: Wall Street drops again in what could be its worst week since March

NEW YORK — Wall Street is limping toward the close of what could be its worst week since March. The S&P 500 fell 0.6% in the early going Friday and is on track for a third straight losing week. The Dow fell 107 points and the Nasdaq composite was off 1%. A swift rise in bond yields has forced investors to reassess whether stocks have grown too expensive, particularly after their prices ripped higher through the first seven months of this year. After topping 4.

The technology sector, which had been leading the way so far in 2023, is now mired in a slump. A handful of companies including Meta, Apple, Microsoft and Nvidia, part of the so-called “Magnificent Seven” have entered correction territory, falling 10% or more from recent highs. They all down slid between 1% and 2% early Friday.

If it reaches 4.34%, it will be the highest since 2007, according to Tradeweb. That was before the financial crisis and Great Recession caused yields to collapse to record lows. Yields have been on the rise as more reports show the U.S. economy remains remarkably resilient. On the upside for markets, the data mean the economy has been able to avoid a long-predicted recession. But on the downside, it could also keep upward pressure on inflation. That would give the Federal Reserve reason to keep interest rates higher for longer.

Japan's Nikkei 225 slipped 0.6% to finish at 31,450.76. Australia's S&P/ASX 200 was virtually unchanged, inching up less than 0.1% to 7,148.10. South Korea's Kospi shed 0.6% to 2,504.50. Hong Kong's Hang Seng dropped 2.1% to 17,950.85, while the Shanghai Composite edged down 1.0% to 3,131.95. Evergrande Groupe, the giant Chinese real estate developer, says it is asking a U.S. court to approve a restructuring plan for foreign bondholders and denied news reports suggesting it filed for bankruptcy. Evergrande Groupe’s $340 billion in debt prompted fears in 2021 of a possible default that might send shockwaves through the global financial system.

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