A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Oct. 4, 2023. Asian markets were sharply lower on Wednesday after Wall Street tumbled as it focused on the downside of a surprisingly strong job market: the likelihood that interest rates will stay high.
On Tuesday, the S&P 500 lost 1.4%. The Dow sank 1.3% and the Nasdaq composite led the market lower with a 1.9% drop. Big Tech stocks were among the market’s biggest losers.The Dow is down 0.4% for the year so far, after being up nearly 8% at the start of August. The S&P 500, which is the index more 401 investments are benchmarked against, has sliced its gain for the year so far to 10.2%.
The 10-year Treasury yield climbed Tuesday to 4.79% from 4.69% late Monday and from just 0.50% early in the pandemic. It touched its highest level since 2007.
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