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Wall St slides as megacap growth stocks drag on rate jitters

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Wall Street's main indexes fell on Friday, extending declines to the fourth session on a drag from megacap growth stocks, as evidence of a resilient U.S. economy fanned fears of interest rates staying higher for longer.

The three main U.S. stock indexes are on track for sharp weekly losses as a spate of strong economic data, including a fall in weekly jobless claims, caused investors to dial back expectations ofThe yield on the 10-year Treasury note hit a ten-month high of 4.328% in the previous session and came within a whisker of its highest level since 2007.

"The drivers really have been of late the rising Treasury yields and that is signaling a more risk-off investor sentiment," said Art Hogan, chief market strategist at B Riley Wealth.Traders see a nearly 91% chance of the Fed holding rates at current levels at its September meeting, according to the CME Group's FedWatch tool.

 

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