Bond Yields Surge as Post-Fed Hangover Hits Stocks: Markets Wrap

Treasury yields surged to multiyear highs and stocks fell after a parade of central banks joined the Federal Reserve in boosting rates to curb scorching levels of inflation at the expense of economic growth.

The superlatives kept piling across Wall Street as a selloff in the world’s biggest bond market sent the 10-year yield to 3.7%, its highest since 2011. The two-year rate climbed for an 11th straight session -- the longest up streak in over three decades. The moves weighed on the tech space, with the S&P 500 failing to sustain a late-day rebound and moving closer to its June bottom.