Drop takes MSCI’s main benchmark to lowest since November 2020
A man wearing a protective mask walks past an electronic board displaying Japan’s Nikkei index outside a brokerage in Tokyo, Japan, on September 21 2021. Picture: REUTERS/KIM KYUNG-HOON
“Investors are clearly worried about inflation due to supply chain disruptions and the rally in energy prices,” said Vasu Menon, executive director of investment strategy at OCBC Bank. Oil prices reached a three-year peak on Monday after Opec+ confirmed it would stick to its output policy as demand for petroleum products rebounds, despite pressure from some countries for a bigger boost to production.
The Dow Jones industrial average fell 0.94% to 34,002.92, the S&P 500 lost 1.30% to 4,300.46 and the Nasdaq composite dropped 2.14% to 14,255.49 as investors dumped Big Tech stocks in the face of rising treasury yields.