US Stocks Plunge in September Debut as Treasury Yields Rise

The US stock market began September with a decline as rising Treasury yields and elevated oil prices weighed on investor sentiment.

The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite fell by 0.7% each, with the tech-heavy Nasdaq dropping 1.3%. The declines came after Wall Street ended August with solid gains.

Nvidia, Advanced Micro Devices, and Micron Technology led the losses among megacap technology stocks, falling around 2% each. Microsoft and Alphabet also traded lower.

Federal Reserve Governor Michael Barr stated he would be prepared to support an interest-rate hike if inflation fails to ease sufficiently, adding to investor concerns.