Wall Street's key indexes dropped on Tuesday as Treasury yields extended their multi-year-high rally after hotter-than-expected jobs data fanned fears of interest rates remaining higher for longer, dragging down megacaps.
After a stellar first half this year driven by the Artificial Intelligence hype, some investors believe megacap stocks could lose momentum as yields continue to rise.
"We're in the middle of a historic move in the 10-year Treasury ... the curve had been historically inverted and in many ways we're just playing catch up," said David Russell, global head of market strategy at TradeStation.A Labor Department report showed 9.61 million job openings for August, higher than the 8.8 million estimated by economists polled by Reuters.
Investor focus will now shift to the ADP National Employment numbers and the more comprehensive non-farms payrolls report for further clues on the state of the U.S. labor market.said with the economy slowing and inflation falling, there was no urgency for the Fed to raise its policy interest rate again, but it will likely be a long time before it moves to cut rates.
Declining issues outnumbered advancers by a 4.74-to-1 ratio on the NYSE and by a 3.17-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 48 new lows, while the Nasdaq recorded 11 new highs and 225 new lows.A Russian court rejected Apple's appeal against the alleged abuse of its dominant market position in terms of in-app payments, for which it was fined 1.2 billion roubles in January, the RIA news agency reported on Tuesday.Hydrogen start-up Electric Hydrogen said on Tuesday it has raised $380 million in an oversubscribed Series C financing round.
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