[News] Wall Street stumbles on losses for growth stocks amid a jump in Treasury yields

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Wall Street stumbles on losses for growth stocks amid a jump in Treasury yields

 

NEW YORK (Reuters) - Wall Street closed sharply lower on Monday as investors shied away from risk at the start of a short trading week, with market-leading growth stocks under pressure from rising bond yields ahead of important inflation data.

 

And closed the three major indices of US stocks, all with heavy losses, and the Nasdaq index came in the forefront of the losers, affected by losses in technology shares.

 

The benchmark 10-year US Treasury yield jumped to its highest level in nearly three years ahead of key US inflation data.

 

Analysts expect the US Department of Labor's report on Tuesday to show an 8.5 percent year-on-year increase in consumer prices, which would be the largest increase since 1981.

 

According to preliminary data, the benchmark Standard & Poor's 500 index ended the trading session down 74.83 points, or 1.67%, to 4413.45 points, while the Nasdaq Composite Index fell 298.06 points, or 2.17 percent, to close at 13,142.94 points.

 

The Dow Jones Industrial Average closed down 405.08 points, or 1.17 percent, to 3,4316.04 points.

 

(Prepared by Wagdy Al-Alfi for the Arabic Bulletin)