Wall Street's main indexes ended down over 1 per cent on overnight as 10-year Treasury yields held their multi-year highs, with investors still wrestling with prospects for a long period of high interest rates and the economic fallout.
The Dow posted its biggest one-day percentage drop since March, while all three major averages ended at their lowest closing levels in well over three months.by the weekend, which ratings agencyBenchmark 10-year Treasury yields have climbed to 16-year highs in the wake of the Federal Reserve's hawkish longer-term rate outlook last week.
"We continue to adjust to the higher interest rates," said Brad McMillan, chief investment officer for Commonwealth Financial Network. "What you are getting is increasingly a sense that the market is overvalued. ... There's a real sense out there that this isn't sustainable, and buyers are being scared away."antitrust lawsuitThe case against Amazon, joined by 17 state attorneys general, accuses the company of abusing its dominance as an online retailer to thwart competitors and harm sellers and customers that rely on its platform.
The company vowed to fight the lawsuit, saying its practices have spurred competition and innovation.
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