Wall Street's key indexes dropped Tuesday as Treasury yields extended their multi-year-high rally after hotter-than-expected jobs data fanned fears of interest rates remaining higher for longer, dragging down megacaps.
Yields on 10-year and 30-year U.S. government bonds hit their highest since 2007, pushing Apple, Tesla, Amazon.com, Alphabet and Microsoft lower between 0.8% and 2.5%.
Consumer discretionary led declines in the major S&P 500 sectors, falling 2.2%, while beaten-down utilities dropped 1.8%. A Labor Department report showed 9.61 million job openings for August, higher than the 8.8 million estimated by economists polled by Reuters. The S&P 500 ended flat on Monday with utilities, often considered as a bond proxy, falling sharply on uncertainty over the interest rate trajectory, as the 10-year Treasury yield surged following a funding deal that averted a government shutdown.
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