Wall Street slumped as stocks fell worldwide on expectations for U.S. interest rates to stay high well into next year. The S&P 500 lost 1.6% Thursday, its worst drop since March. Big Tech stocks tumbled again after the Federal Reserve indicated Wednesday it may cut rates next year by only half what it earlier predicted. The Nasdaq composite fell 1.8% and the Dow lost 370 points. The 10-year Treasury yield rose to 4.48% and is near its highest level since 2007. When bonds pay more interest, investors are less willing to pay high prices for stocks.
