Forex
US Stocks Plunge as Rate Hike Fears Reach New Highs
The US stock market closed lower across the board on Monday, with major indices such as the Dow Jones Industrial Average and S&P 500 declining by 0.67% and 0.77%, respectively.
The tech-heavy Nasdaq Composite dropped 0.92%, as concerns over additional rate hikes pushed Treasury yields to fresh multi-year highs.
The Federal Reserve's initial rate hike earlier this month, its first in three years, has led to expectations of another increase in October, with the CME FedWatch Tool indicating a roughly 70% probability.