Original title: Stocks Get Hit as Global Bond Selloff Lifts Dollar: Markets Wrap
Wall Street kicked off September trading on a sour note, with stocks joining a slide in global bonds as budget concerns in developed-world countries resurfaced. The dollar rose. Gold hit a record high. A traditionally weak season for equities started at a time when anxiety had already been brewing about lofty valuations, particularly in the group of big techs. The S&P 500 lost 1.1%. All megacaps fell, with Nvidia Corp. seeing its longest slide since March.