Original title: Stocks Engulfed in Tech Swoon as Bond Yields Climb: Markets Wrap
Wall Street kicked off September on a sour note, with stocks joining a slide in bonds amid heavy corporate-debt sales and developed-world budget worries. The dollar rose. Gold hit a record high. Yields on 30-year Treasuries approached 5%, pressuring tech shares whose valuations have widened during an almost five-month surge. The S&P 500 lost 1.4%. All megacaps fell, with Nvidia Corp. seeing its longest drop since March.