Wall Street stocks tumbled again in early trading Friday, adding to the week’s losses amid increasing worries about high inflation and tightening monetary policy.
The yield on the 10-year US Treasury note — a proxy for US interest rates — was off the session peak, but holding around 3.7 percent, well above the average seen over the last decade.
The rise follows Wednesday’s latest move by the Federal Reserve to aggressively hike interest rates, mirrored by similar actions by other major central banks that have exacerbated worries of a global recession as policymakers struggle to tamp down soaring prices.
About 15 minutes into trading, the Dow Jones Industrial Average was down 1.0 percent at 29,781.90.
The broad-based S&P 500 shed 1.3 percent to 3,707.90, while the tech-rich Nasdaq Composite dropped 1.5 percent to 10,905.83.
Among individual companies, Costco fell 2.5 percent after reporting higher quarterly profits on a 15 percent jump in revenues to $72.1 billion. However, analysts noted that increased freight and labor costs pressured the wholesale retailer’s profit margins.