. The S&P 500 lost 1.4% Tuesday. The Dow fell 430 points and wiped out the last of its gains for the year so far. The Nasdaq composite led the market lower with a 1.9% drop as Big Tech stocks were among the market’s biggest losers. Stocks fell after a report showed U.S. employers have many more job openings than expected. That raised expectations for interest rates to stay high, and the 10-year Treasury yield hit its highest level since 2007.
The 10-year Treasury yield climbed again Tuesday, up to 4.80% from 4.69% late Monday and from just 0.50% early in the pandemic. It touched its highest level since 2007 and rose after a report showed U.S. employers haveWhen bonds are paying so much more in interest, they pull investment dollars away from stocks and other investments prone to bigger swings in price than bonds.
Tuesday's report on the U.S. job market could give the Fed more reason to keep rates high. It showed employers were advertising 9.6 million job openings at the end of August, much higher than the 8.9 million that economists expected. Big Tech stocks were some of the heaviest weights on the market. They and other high-growth stocks are seen as some of the biggest victims of high interest rates. Amazon fell 3.9%, Microsoft dropped 3% and Nvidia lost 2.8%.resumption of student-loan repayments
The world’s second-largest economy is also facing a crisis within its property development industry, and Hong Kong’s Hang Seng index tumbled 2.7% as investors unloaded stocks of developers.
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