Market Highlights

Wall Street traders drove stocks lower amid a selloff in tech shares that have powered the surge from April’s meltdown. The slide came despite inflation data that did little to alter bets on Federal Reserve rate cuts, with short-dated Treasuries outperforming. A rout in the S&P 500’s most-influential group drove the index down from a record at the end of a solid August. The Nasdaq 100 fell 1.2%. The market is bracing for what is known as the weakest month for US shares, as institutional investors rebalance, retail traders slow their buying and volatility picks up. Asian equities were under pressure after a tech selloff hit Wall Street, with chip shares among the biggest losers. Hong Kong was an outlier as Alibaba Group Holding Ltd. surged.