Stocks came under pressure Wednesday after a report showed the economy continues to run hot. Read today’s full markets roundup here.
The major U.S. indexes all ended the day lower, led by the tech-heavy Nasdaq Composite’s 1,1% slide, extending losses after Tuesday’s oil-driven declines. Bond yields rose, reflecting expectations that the Fed has more to do in its inflation fight.
The services sector expanded for an eighth straight month in August, according to an Institute for Supply Management index. Employment, prices, and new orders all jumped from the prior month.
Crude prices remained around 10-month highs hit Tuesday after Saudi Arabia and Russia surprised many investors by curtailing oil output.
Yields on benchmark 10-year Treasurys settled at 4.289%, rising slightly after jumping yesterday as bond prices fell.
Large tech stocks, including Nvidia and Apple, lost ground. The S&P 500’s IT sector was its worst performer, falling more than 1%. New Chinese-government restrictions on the use of Apple devices weighed on the tech giant’s shares.
Meme stock AMC Entertainment tumbled to a record low after announcing plans to sell up to 40 million shares.
Japan’s yen hit a 10-month low against the dollar, putting traders on alert for more intervention by Tokyo.
European shares slipped, with the STOXX Europe 600 down 0.6%. Japan’s Nikkei rose for an eighth straight session.
