Wall Street tumbled as it focused on the downside of a surprisingly strong job market.
The S&P 500 lost 1.4% Tuesday. The Dow fell 430 points and wiped out the last of its gains for the year so far. The Nasdaq composite led the market lower with a 1.9% drop as Big Tech stocks were among the market’s biggest losers.
Stocks fell after a report showed U.S. employers have many more job openings than expected. That raised expectations for interest rates to stay high, and the 10-year Treasury yield hit its highest level since 2007.
On Tuesday:
The S&P 500 fell 58.94 points, or 1.4%, to 4,229.45.
The Dow Jones Industrial Average fell 430.97 points, or 1.3%, to 33,002.38.
The Nasdaq composite fell 248.31 points, or 1.9%, to 13,059.47
The Russell 2000 index of smaller companies fell 29.66 points, or 1.7% to 1,727.15.
For the week:
The S&P 500 is down 58.60 points, or 1.4%.
The Dow is down 505.12 points, or 1.5%.
The Nasdaq is down 159.86 points, or 1.2%
The Russell 2000 is down 57.95 points, or 3.2%.
For the year:
The S&P 500 is up 389.95 points, or 10.2%.
The Dow is down 144.87 points, or 0.4%.
The Nasdaq is up 2,592.98 points, or 24.8%
The Russell 2000 is down 34.09 points, or 1.9%.