- Tech, communication services lead sectoral declines
- Merck up on COVID-19 pill, Tesla lifted by record deliveries
- Fresh round of U.S.-China trade talks eyed
- Indexes down: Dow 1.02%, S&P 1.38%, Nasdaq 2.26%
Oct 4 (Reuters) – Wall Street’s main indexes tumbled on Monday as investors shifted out of technology stocks in the face of rising Treasury yields, while fresh U.S.-China concerns over trade offered another reason for caution.
U.S. Treasury yields have been supported by recent data showing increased consumer spending, accelerated factory activity and elevated inflation growth, fuelling bets that the Federal Reserve could start tightening its accommodative monetary policy