S&P 500 Has Worst Day Since April After Big Rally: Markets Wrap
- US ramps up debt issuance, adding fuel to rout in Treasuries
- Qualcomm gives weak forecast, signaling slump will drag on
This article is for subscribers only.
This year’s $6.5 trillion rally in stocks hit a wall, following hot labor-market data and a ramp-up in Treasury issuance just a day after a US credit downgrade by Fitch Ratings.
Equities fell across the board, with the S&P 500 notching its worst day since April. The tech-heavy Nasdaq 100 dropped 2% after a surge fueled by the artificial-intelligence frenzy. In late trading, Qualcomm Inc. slid on a tepid revenue forecast. Wall Street’s “fear gauge,” the VIX, climbed the most in almost five months. Treasury 10-year yields hit the highest since November, while the dollar rose.