Tech Selloff Drags Stocks From Records as Wall Street Braces for Seasonal Volatility – US Market Wrap

Wall Street began September on a sour note, with stocks following a drop in bonds amid heavy corporate debt sales and developed-world budget concerns. The dollar rose. Gold reached a record high.

Yields on 30-year Treasuries approached 5%, putting pressure on tech stocks, whose valuations have widened following a rally from April lows. While the S&P 500 finished well off session lows, nearly 400 of its shares fell. All megacaps fell, with Nvidia experiencing its longest decline since March.

Along with a slew of corporate sales, there is renewed concern about longer-term global debt, following years of issuance that exacerbated budget deficits. In the United Kingdom, long-term bond yields reached their highest level since 1998, and the pound fell as Prime Minister Keir Starmer faced mounting pressure to manage the budget.

Trump stated that his administration would seek an expedited ruling from the Supreme Court in order to overturn a federal court decision that many of his tariffs were illegally imposed. “The stock market is down because it depends on tariffs. “They want the tariffs,” he added.