Stocks Slump as Wall Street’s Big Rally Fades, Yields Rise

A Wall Street sign in front of the New York Stock Exchange on Sept. 16, 2022. (Yuki Iwamura/AP Photo)

NEW YORK—Wall Street is giving back some of its big gains from earlier in the week, as rising bond yields amp up the pressure on markets again. The S&P 500 was 1 percent lower early Wednesday. It’s coming off its best two-day rally since the spring of 2020, spurred in part by hopes a softening economy may convince central banks to take it easier on interest-rate hikes. But analysts have said such hopes may be premature. A report on U.S. job growth at private employers came in stronger than expected Wednesday, with reports on the services sector’s health due later in the morning.