Stock market today: World shares slide after Wall St rout driven by high yields, mixed earnings

FILE - A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, on Oct. 11, 2023. Shares skidded Thursday, Oct. 26 in Asia after Wall Street tumbled as bond yields tightened their chokehold. – Shares skidded Thursday in Europe and Asia after Wall Street tumbled as bond yields tightened their chokehold.

On Wednesday, the S&P 500 tumbled 1.4%, back back to where it was in May. Some of the heaviest losses hit Big Tech stocks, which dragged the Nasdaq composite to its second-worst drop of the year. It gave up 2.4%. The Dow industrials fell 0.3%. Hong Kong's Hang Seng lost 0.8% to 16,942.93, while the Shanghai Composite index bounced back from early losses, gaining 0.5% to 2,988.30.have been knocking the stock market lower since the summer. The 10-year yield has been catching up to the Federal Reserve’s main interest rate, which is above 5.25% and at its highest level since 2001 as the central bank tries to get inflation under control.

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