US equity markets fell as the latest climb in bond yields rippled through Wall Street and seemingly prompting a broad reassessment among investors of asset risk profiles - Dow down -201-points or -0.75% , its worst single session decline since 10 August albeit paring an earlier drop of -356-points or ~1.3%. Nike Inc (down -2.81%) and Home Depot (-2.4%) were among the key drags on the index. The broader S&P500 -0.82%, with Information Technology (down -1.78%) and Consumer Discretionary (-1.60%) leading nine of the eleven primary sectors lower. Utilities and financials were the only sectors to end in positive territory. The S&P 500 also narrowly avoided snapping a 71-day streak of trading without a swing of at least 1%, highlighting a level of rangebound action for the broad-market index. Last year, the S&P 500 went 95 consecutive sessions without a 1% move, between 12 September, 2017 and 26 January, 2018. The technology-centric NASDAQ tumbled -1.81%, logging its worse one-day decline since 25 June. All of Facebook Inc (down -2.2%), Netflix Inc (-3.55%) and Alphabet Inc (-2.89%) fell over >2%. Chipmakers fell broadly after Deutsche Bank reduced its 2019 earnings forecasts by an average of 5% on eight chip stocks. Micron Technology Inc and Nvidia both fell -2.60%, while Advanced Micro Devices pulled back -2.3%.
