The rout in markets deepened in the third quarter as hope faded that monetary tightening would soon ease, sending bond yields soaring and leaving U.S. stocks on track for their worst year since the 2008 financial crisis.
The intensifying declines alarmed investors who entered the quarter enjoying a summer rally that more than halved the S&P 500’s 2022 losses before fizzling. As the months progressed, hair-raising moves dashed any remaining sense of safety, with major stock indexes enduring their deepest one-day retreats since 2020 and government bond yields interrupting their ascent to notch their biggest daily pullbacks in years.
