Market Highlights

Wall Street kicked off September on a sour note, with stocks joining a slide in bonds amid heavy corporate-debt sales and developed-world budget worries. The dollar rose. Gold hit a record high. US 30-year yields approached 5%, pressuring tech shares whose valuations have widened during a surge from April lows. While the S&P 500 trimmed its losses, almost 400 of its shares fell. All megacaps slipped, with Nvidia Corp. seeing its longest slump since March. In late hours, Alphabet Inc. jumped as a federal judge ruled Google doesn’t have to sell its Chrome web browser. Stocks chalked up a modest rebound as traders tracked the rout in long-dated bonds, fueled by anxiety over inflation and mounting government borrowing. European stocks rose 0.3% after suffering their steepest loss in a month in the previous session. Nasdaq 100 futures gained 0.3% as Alphabet Inc. rallied in extended trading on Tuesday, buoyed by a ruling that Google won’t be forced to sell its Chrome browser. Contracts on the S&P 500 advanced 0.2%.