U.S. stocks tumbled for the fifth day amid steady growth data and Federal Reserve’s resolve to hike interest rates. Treasury yields topped 3.5%.
Jobless claims declined for the third week to a two-month low. The S&P 500 dropped as much as 1.3% to start September, before paring losses later in the session. The tech-heavy Nasdaq 100 tumbled as much as 2.1%, dragged down by Nvidia Corp. Elsewhere, oil sank for the third day as Chinese city Chengdu went into a Covid-19 induced lockdown. Gold fell and Bitcoin remained near $19,000.
Back home, India’s stock benchmarks declined, dragged by losses in energy, information technology and metal stocks. The fall in energy and oil & gas stocks followed government’s decision to hike windfall tax on diesel, crude and ATF exports.
The local currency closed lower against the U.S. dollar after a volatile session.
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