Tel Aviv Stock Exchange Drops Sharply Amid Global Market Sell-off
The Tel Aviv Stock Exchange experienced significant declines on Thursday, with all major indices falling by over one percent. The TA-90 index saw the steepest drop, losing more than two percent. This downturn follows sharp losses on Wall Street the previous day, where the Nasdaq Composite fell 1.1% and the S&P 500 dropped 0.75%.
The primary driver for the global market weakness appears to be a surge in U.S. bond yields, reaching levels not seen since the 2008 subprime mortgage crisis. The 30-year U.S. Treasury yield climbed to 5.44%, and the 10-year yield reached 5.13%. Analysts attribute this rise to persistent U.S. inflation, increasing the likelihood of further interest rate hikes by the Federal Reserve.
Additional factors contributing to market anxiety include the rapidly growing U.S. national debt and heightened geopolitical tensions. These concerns have collectively dampened investor sentiment worldwide.
In line with the global trend, most international stock markets also opened in the red on Thursday. The cryptocurrency market was not spared, with Bitcoin falling below the $83,000 mark.
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