US stocks close at their lowest level since June as US Treasury yields rise

US stocks close at their lowest level since June as US Treasury yields rise

The three major US stock indexes fell more than 1% today to close at their lowest level since June, with US Treasury yields rising to a 10-year high, a day after Federal Reserve Chairman Jerome Powell warned that inflation still has a long way to go before it approaches. From the central bank's target of 2%.

The Philadelphia Chip Index (.SOX) fell 1.8%, shares of semiconductor company Broadcom (AVGO.O) fell 2.7%, while shares of FedEx (FDX.N) rose 4.5%, and shares of Fox Corp (FOXA.O) rose by 3.2%.

The Dow Jones Industrial Average fell by 370.46 points, or 1.08%, to 34,070.42 points. The Standard & Poor's 500 Index fell by 72.2 points, or 1.64%, to 4,330 points. The Nasdaq Composite Index also fell by 245.14 points, or 1.82%, to 13,223.99 points.

Sponsored by Trade View