Wall Street wilts as yields rise ahead of speech by Federal Reserve chief Powell

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City AM

By Jack Mendel Wall Street has slumped despite a blowout profit report from Nvidia, following some mixed reports on the US economy. The S&P 500 dropped 1.3 per cent for its worst loss in three weeks. It nearly wiped out its gain for the week, which had been a bright spot in what has been a rough August. The Dow Jones Industrial Average dropped 373 points, or 1.1 per cent , and the Nasdaq composite tumbled 1.9 per cent . Stocks sank as Treasury yields stabilised following their tumble a day earlier. High yields in the bond market have been upping the pressure because they make investors less wi…

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