Wall Street stocks declined dramatically and Treasury bonds rallied on Thursday as weak economic data and a slowdown evident in corporate earnings spurred fears about a decelerating US economy.
The tech-heavy Nasdaq Composite closed down 2.3 per cent, having slid more than 3 per cent earlier. Every Magnificent Seven stock except Meta ended lower, and all but one company on the Philadelphia Semiconductor index — which tracks 30 stocks in the sector — declined as it had its worst day since 2020 with a 7.1 per cent loss.
Meanwhile, yields on the benchmark 10-year Treasury, a crucial barometer for expectations on the US economy, fell below 4 per cent for the first time in six months.
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