![]() Meanwhile, economists polled by Dow Jones had anticipated 8.8 million jobs. The survey showed 9.6 million open roles in the month. The latest catalyst for the rate boost was the release Tuesday of the August job openings survey, which signaled a tight labor market. Stocks traded inversely to bond yields throughout the day, moving lower each time as rates spiked. The rise in yields poses "a major headwind to equities," according to Alex McGrath, chief investment officer at NorthEnd Private Wealth. We really need to get through this bond sell-off, and find some type of equilibrium in the bond market, before we think stocks will be able to find a bottom," he said. "The threat to equities is more along the interest rate side. However, he noted that ongoing concerns about higher interest rates could mean more downside is ahead for stocks. Seasonal weakness is "pretty normal" for the market in September and October, according to Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. The average rate on a 30-year fixed mortgage neared 8%. ![]() The 30-year Treasury yield hit 4.925%, also the highest since 2007. The benchmark yield has surged in the past month as the Federal Reserve pledged to keep interest rates at a higher level for longer. The 10-year Treasury yield touched 4.8%, reaching its highest level in 16 years. The broader S&P 500 is still up 10% for 2023. With Tuesday's losses, the Dow went into the red for the year, off by 0.4%. The tech-heavy Nasdaq Composite dropped 1.87% to end at 13,059.47 as growth stocks saw some of the biggest losses because of the rise in rates. The S&P 500 slid 1.37%, touching its lowest level since June during the session and closing at 4,229.45. ![]() The 30-stock index ended the day at 33,002.38. The Dow Jones Industrial Average lost 430.97 points, or 1.29%, for its worst day since March. Stocks tumbled on Tuesday as Treasury yields hit their highest levels since 2007, raising concern higher interest rates would freeze the housing market and tip the economy into a recession. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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