S&P 500 hits one-year low as higher bond yields pressure growth stocks

Dow Jones Industrial Average was down 486.39 points, or 1.48%, at 32,412.98 and the Nasdaq Composite was down 373.29 points, or 3.07%, at 11,771.38

The S&P 500 index fell to its lowest since April 2021 on Monday as higher US Treasury yields hit growth stocks amid prospects of aggressive policy tightening, while investors grappled with fears of a sharp economic slowdown in China.

All of the 11 major S&P sectors declined. The energy sector tumbled 6% on the back of a 2% drop in oil prices, as weak China data and a tighter Covid-19 lockdown in Shanghai deepened fears of a potential global slowdown.

The tech-heavy Nasdaq dropped 3.1% to its lowest level since Nov 2020 as megacap stocks Microsoft Corp, Amazon.com, Apple Inc, Google-owner Alphabet