Wall Street Dives In The Red Territory

Wall Street’s main indexes closed lower on Tuesday, the first session after the US Labour Day holiday and summer vacations, as traders assessed fresh economic data in volatile trading. A lot of uncertainty and volatility is not coming from the US; it’s actually coming from overseas.

The tech-heavy Nasdaq (.IXIC) suffered its seventh consecutive day of losses, its longest losing streak since November 2016.

Rate-sensitive shares of Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O) fell about 1% as benchmark US Treasury yields rose to their highest levels since June. Apple Inc (AAPL.O), which will launch new iPhones next Wednesday, also lost ground.

However, numbers from S&P Global showed the services sector Purchasing Managers’ Index fell short of flash estimates for August.

Markets started September on a weak note, extending a slide that started at the end of August, as hawkish comments from Fed policymakers and data signaling US economic momentum raised fears of aggressive interest rate hikes.