Sharply rising Treasury yields rattled Wall Street Wednesday, weighing down stock indexes at the start of another month in what’s been a turbulent year.
Stocks began their slide immediately after the release of several reports on the U.S. economy, including one showing manufacturing growth was stronger last month than expected.
That bolstered investors’ expectations for the Federal Reserve to continue aggressively raising interest rates to slow the economy and rein in inflation.
The S&P 500 fell 30.92 points, or 0.7%, to 4,101.23.
The Dow Jones Industrial Average fell 176.89 points, or 0.5%, to 32,813.23.
The Nasdaq fell 86.93 points, or 0.7%, to 11,994.46.
The Russell 2000 index of smaller companies fell 9.22 points, or 0.5%, to 1,854.82.
For the week:
The S&P 500 is down 57.01 points, or 1.4%.
The Dow is down 399.73 points, or 1.2%.
The Nasdaq is down 136.67 points, or 1.1%.
The Russell 2000 is down 33.07 points, or 1.8%.
For the year:
The S&P 500 is down 664.95 points, or 14%.
The Dow is down 3,525.07 points, or 9.7%.
The Nasdaq is down 3,650.51 points, or 23.3%.
The Russell 2000 is down 390.49 points, or 17.4%.