{"id":65965,"date":"2023-09-27T08:23:52","date_gmt":"2023-09-27T12:23:52","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/wall-st-pounded-as-investors-grapple-with-higher-rates\/"},"modified":"2023-09-27T08:23:55","modified_gmt":"2023-09-27T12:23:55","slug":"wall-st-pounded-as-investors-grapple-with-higher-rates","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=65965","title":{"rendered":"Wall St pounded as investors grapple with higher rates"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS\/Brendan McDermid\/File Photo<\/span>
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By Lewis Krauskopf, Ankika Biswas and Shashwat Chauhan<\/p>\n

(Reuters) – Wall Street’s main indexes ended down over 1% on Tuesday as 10-year Treasury yields held their multi-year highs, with investors still wrestling with prospects for a long period of high interest rates and the economic fallout.<\/p>\n

The Dow posted its biggest one-day percentage drop since March, while all three major averages ended at their lowest closing levels in well over three months.<\/p>\n

Adding to investor anxiety was the potential of a partial U.S. government shutdown by the weekend, which ratings agency Moody’s (NYSE:) warned would harm the country’s credit.<\/p>\n

Benchmark 10-year Treasury yields have climbed to 16-year highs in the wake of the Federal Reserve’s hawkish longer-term rate outlook last week.<\/p>\n

“We continue to adjust to the higher interest rates,” said Brad McMillan, chief investment officer for Commonwealth Financial Network.<\/p>\n

“What you are getting is increasingly a sense that the market is overvalued. … There’s a real sense out there that this isn’t sustainable, and buyers are being scared away.”<\/p>\n

The fell 388.00 points, or 1.14%, to 33,618.88, the lost 63.91 points, or 1.47%, to 4,273.53 and the dropped 207.71 points, or 1.57%, to 13,063.61.<\/p>\n

All 11 S&P 500 sectors ended lower. The heavyweight tech sector dropped 1.8%, while the rate-sensitive utilities and real estate groups fell 3.05% and 1.8%, respectively.<\/p>\n

The CBOE volatility index, known as Wall Street’s “fear gauge,” closed at its highest level since May 25.<\/p>\n

Megacap stocks that have propelled indexes higher this year dragged on Tuesday.<\/p>\n

Amazon.com (NASDAQ:) shares dropped 4% as the U.S. Federal Trade Commission filed a long awaited antitrust lawsuit against the online retailer.<\/p>\n

Investors are focused on Friday’s personal consumption expenditures price index for a fresh view of the inflation picture. This week also brings other data including on durable goods and second-quarter gross domestic product, as well as remarks by Fed policymakers such as Chair Jerome Powell.<\/p>\n

In company news, Immunovant (NASDAQ:) shares surged 97% after early-stage data from the drug developer’s experimental antibody treatment exceeded analysts’ expectations.<\/p>\n

Declining issues outnumbered advancers by a 5.9-to-1 ratio on the NYSE. There were 37 new highs and 388 new lows on the NYSE.<\/p>\n

On the Nasdaq, declining issues outnumbered advancers by a 2.1-to-1 ratio. The Nasdaq recorded 35 new highs and 390 new lows.<\/p>\n

About 10.2 billion shares changed hands in U.S. exchanges, in line with the daily average over the last 20 sessions. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS\/Brendan McDermid\/File Photo By Lewis Krauskopf, Ankika Biswas and Shashwat Chauhan (Reuters) – Wall Street’s main indexes ended down over 1% on Tuesday as 10-year Treasury yields held their multi-year highs, […]<\/p>\n","protected":false},"author":1,"featured_media":2090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-65965","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nWall St pounded as investors grapple with higher rates | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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