Higher Treasury yields knocked on growth stocks in the United States on Tuesday, as a slowing pace of rise in China’s services activity fueled concerns about demand in the world’s second-largest economy.<\/p>\n\n\n\n
The 10-year Treasury note yield has risen to 4.21% ahead of additional economic data and the Federal Reserve’s policy meeting later this month.<\/p>\n\n\n\n
Apple, Nvidia, Tesla, and Netflix all lost 0.6% to 1% of their value before the bell.<\/p>\n\n\n\n
To add to the gloom, a private survey revealed that China’s services activity expanded at the weakest rate in eight months in August, as sluggish demand remained and stimulus attempts failed to significantly boost consumption.<\/p>\n\n\n\n
The revelation pushed shares of Chinese businesses listed in the United States, including PDD Holdings, JD, Baidu, and Alibaba, down between 0.9% and 1.7%.<\/p>\n\n\n\n
The S&P 500 finished higher on Friday as an increase in unemployment confirmed predictions of a pause in the Fed’s interest rate hikes this month.<\/p>\n\n\n\n
According to the CME FedWatch tool, traders’ bets on the Fed leaving rates steady at the next policy meeting stood at 93%, with a 62% chance of a pause in November, up from 52% a week ago.<\/p>\n\n\n\n
Meanwhile, Goldman Sachs reduced the likelihood of a US recession in the next 12 months from 20% to 15%, citing continuous weakening in inflation and labour market statistics.<\/p>\n\n\n\n
Investors are now waiting for factory orders data, which is due at 10:00 a.m. ET.<\/p>\n\n\n\n
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