Stock Selloff Deepens as Treasury Yields Surge

The rally in stocks that followed the Federal Reserve decision proved short lived as concern over persistently high inflation and an economic recession resurfaced.

About 95% of the companies in the S&P 500 retreated on Thursday, with the benchmark halting a three-day advance. The technology-heavy Nasdaq 100 underperformed major equity gauges, tumbling more than 4%. The dollar also made an about-face, climbing alongside Treasury 10-year yields -- which topped 3%.

Mortgage rates in the U.S. resumed their upward climb, reaching the highest level since August 2009. The average for a 30-year loan jumped to 5.27% from 5.10% last week, Freddie Mac said in a statement Thursday.