This year’s $6.5 trillion rally in stocks hit a wall, following hot labor-market data and a ramp-up in Treasury issuance just a day after a US credit downgrade by Fitch Ratings.

Equities fell across the board, with the S&P 500 notching its worst day since April. The tech-heavy Nasdaq 100 dropped 2% after a surge fueled by the artificial-intelligence frenzy. In late trading, Qualcomm Inc. slid on a tepid revenue forecast. Wall Street’s “fear gauge,” the VIX, climbed the most in almost five months. Treasury 10-year yields hit the highest since November, while the dollar rose.

ncG1vNJzZmivp6x7o7jOqKSbnaKce6S7zGilnq%2BjZK6zwMico56rX2d9c3%2BMaW9maGFkwLW7wqRkppmioLK1edOom5qxXZm8uHnSZqdmpJmrsm7Bz52YrZ2j