US equities ended Tuesday deep in the red for their biggest one-day fall since April 6, with tech and industrial stocks proving the biggest laggards, while US Treasury yields ended just shy of the 3 per cent milestone they crossed earlier in the day for the first time since 2014.
While Wall Street came back slightly from its lows of the day, the sell-off that started around lunchtime persisted up until the closing bell. The S&P 500 closed 1.36 per cent lower to 2,633.9, with only utilities and telecoms sectors in the black.
The Dow Jones Industrial Average dropped more than 431 points, or 1.77 per cent, to 24,016.8 for its first five-day losing streak since March 2017, while the Nasdaq Composite fell 1.73 per cent to 7,005.5.
Telecoms was one of the few bright spots, led by an 2.08 per cent gain for Verizon. Industrials, however, were battered after 3M’s disappointing results contributed to its 6.8 per cent fall, while Caterpillar reversed an initial gain to fall 6.2 per cent on broader concerns.
On the tech side, the Faangs have suffered in the fallout from Alphabet’s earnings on Monday, with the Google parent ending the day 4.7 per cent lower.
After breaking above the 3 per cent mark for the first time since 2014 early in the trading day, the yield on 10-year US Treasuries were just below that at 2.9958 per cent.