US: Stocks extend losses on angst over hawkish Fed
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[NEW YORK] Wall Street stocks fell early on Wednesday (Apr 6), extending the prior session's losses amid worries over tightening US monetary policy.
Comments on Tuesday from top Federal Reserve official Lael Brainard "triggered a taper tantrum of sorts in Treasuries and sparked a newfound sense of nervousness" ahead of Wednesday's Federal Reserve minutes, said Briefing.com analyst Patrick O'Hare.
The minutes come as Fed Chair Jerome Powell and other top US central bankers vow to take whatever steps are needed to bring inflation into line.
The yield on the 10-year US Treasury note, a proxy for interest rates, surged early Wednesday above 2.6 per cent.
About 30 minutes into trading, the Dow Jones Industrial Average was at 34,381.06, down 0.8 per cent.
The broad-based S&P 500 fell 1.3 per cent to 4,465.85, while the tech-rich Nasdaq Composite Index dropped 2.5 per cent to 13,854.60.
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Among individual companies, JetBlue sank 8.5 per cent after announcing a US$3.6 billion bid for Spirit Airlines, threatening a merger between the carrier and Frontier Airlines. Spirit fell 3.5 per cent, while Frontier tumbled 8.4 per cent. AFP
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