Wall Street stocks fall on US-China tensions, rate hike angst

NEW YORK

The yield on the 10-year US Treasury note rose sharply following comments from Cleveland Federal Reserve Bank president Loretta Mester and other central bankers that continued to vow aggressive interest rate increases to counter inflation. But recent remarks “have been more hawkish than what’s baked into consensus assumptions”, said Art Hogan, chief market strategist at B Riley Wealth Management.

The Dow Jones Industrial Average dropped 1.2% to end the day at 32,396.17. The broad-based S&P 500 shed 0.7% to close at 4,091.19, while the tech-rich Nasdaq Composite Index declined 0.2% to 12,348.76.

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