The S&P 500 plunged 1.6% and the Nasdaq 100 fell almost 2%. The two indexes are on track for the worst quarter in a year. The 10-year Treasury yield pushed toward 4.5%, up more than 30 basis points in just three weeks. Leading the way down for equities were profitless technology companies, a group whose lofty valuations have become harder to justify as investors turn to other asset classes for returns.
In what’s increasingly looking like bad timing, investors plowed $26.4 billion into US equities in the week ended Sept. 13, the most since March 2022, with about $1.3 billion funneling into the tech sector, according to EPFR Global data cited by Bank of America Corp. The Nasdaq 100 Index, which had its best first half on record, has slumped more than 5% this month.
Their argument is that prior runups in yields during the Fed’s tightening cycle have invariably been short-lived. Every time the 10-year yield has climbed above 4% in the past year, it’s retreated back below 3.5% in short order.
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