Stocks Tumble Amid Inflation and Rate-Hike Fears
The global stock market was down on Wednesday, September 2, as inflation and rate-hike fears weighed heavily on investors' minds. The GIFT Nifty, an early indicator of the Nifty50's performance, fell by 64 points to trade at 24,027.
Asian markets were also hit hard, with Japan's Nikkei 225 and South Korea's Kospi falling 2.9% and 3.08%, respectively. The Dow Jones Industrial Average and the S&P 500 settled down 0.79% and 0.71%, while the Nasdaq Composite ended at a 1.03% loss.
Rising bond yields put pressure on equities, pushing the yield on the 10-year US Treasury note to 4.81%, its highest level since late 2023. Oil prices continued to rise due to escalating tensions between the US and Iran in West Asia, with October futures trading at $96.47, up 1.3%.