Stocks Join Bond Rout as 30-Year Yield Close to 5%: 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.

US 30-year yields approached 5%, pressuring tech shares whose valuations have widened during a surge from April lows. While the S&P 500 trimmed its losses, almost 400 of its shares fell. All megacaps slipped, with Nvidia Corp. seeing its longest slump since March. In late hours, Alphabet Inc. jumped as a federal judge ruled Google doesn’t have to sell its Chrome web browser.