Dow down over 300 points, as Treasury yields keep up pressure and job data looms

The stock market selloff gained steam Tuesday after another round of strong labor data.

The stock market selloff gained more steam Tuesday, after new job openings data showed an economy still looking for labor — which could also mean more room for interest rate hikes and more upward pressure on Treasury yields.

“The hangover from strong economic data in the U.S. is still being felt, with the headache increasing about the likelihood of high interest rates setting in rattling nerves,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. Ahead of Tuesday’s data, lawmakers over the weekend averted a government lockdown that may have damaged the economy. The ISM manufacturing survey for September was stronger than expected; and Fed officials Michelle Bowman and Michael Barr both reiterated the central banks’ predilection for keeping interest rates higher for longer as they battle sticky inflation.

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