US stocks dropped on Friday, giving the S&P 500 its worst day since June as investor nervousness increased following a nuclear test by North Korea and Federal Reserve officials' comments lifted rate hike bets.
The CBOE Volatility index closed at its highest level since late June, while the S&P 500 index closed below its 50-day moving average for the first time also in about two months, a sign that further weakness may be ahead.
The equity selloff also came as the US Treasury yield curve continues to steepen. Long-dated yields reached more than two-month highs, after reports suggested Japan is considering measures to cut short- to medium-term yields, while lifting those of long-term bonds.
North Korea conducted its fifth and biggest nuclear test on Friday and said it had mastered the ability to mount a warhead on a ballistic missile, drawing condemnation from the United States as well as China, Pyongyang's main ally.
The CBOE Volatility index closed at its highest level since late June, while the S&P 500 index closed below its 50-day moving average for the first time also in about two months, a sign that further weakness may be ahead.
The equity selloff also came as the US Treasury yield curve continues to steepen. Long-dated yields reached more than two-month highs, after reports suggested Japan is considering measures to cut short- to medium-term yields, while lifting those of long-term bonds.
North Korea conducted its fifth and biggest nuclear test on Friday and said it had mastered the ability to mount a warhead on a ballistic missile, drawing condemnation from the United States as well as China, Pyongyang's main ally.
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