Tech-Titan falls after record-breaking highs – US Market Wrap
Stocks fell as a selloff in the world’s largest bond market deepened on anticipation that the Federal Reserve will not decrease interest rates until July due to inflation fears.
Following a recent rally, shares lost ground as a survey on US service providers showed a price gauge reaching its highest level since early 2023. A selloff in large tech weighed heavily on trading, with the S&P 500 down more than 1% and the Nasdaq 100 down nearly twice as much. Nvidia fell 6.2% following a rise to record highs. A $39 billion sale of 10-year Treasuries resulted in the highest yield since 2007. Bonds were also pressured by a rush of investment-grade transactions.
Separate statistics released Tuesday indicated that job vacancies reached a six-month high in November, bolstered by an increase in business services, while other industries saw more varied demand for people.
The yield on 10-year Treasuries rose six basis points to 4.69%. In the UK, 30-year yields reached their highest level since 1998, heightening the potential of tax increases to fulfil fiscal constraints. Bitcoin fell below $100,000.
