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Tech sell-off leads US stocks lower and 10-year yield sinks

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Investors balk at steep valuations amid modest corporate outlooks and bets rise on Fed rate cuts

Wall Street stocks declined dramatically and Treasury bonds rallied on Thursday as weak economic data and a slowdown evident in corporate earnings spurred fears about a decelerating US economy. The tech-heavy Nasdaq Composite closed down 2.3 per cent, having slid more than 3 per cent earlier.

Bonds had already rallied in the wake of Wednesday’s decision by the Fed to keep rates at a 23-year high, as chair Jay Powell signalled that the central bank could finally start lowering borrowing costs next month. They extended gains on Thursday as the latest signs of a slowing jobs market boosted expectations for three quarter-point rate cuts by the end of the year. The benchmark 10-year Treasury yield fell 0.12 percentage point to 3.

 

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