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Musk sues Wachtell to recover $90mn fee from Twitter buyout lawsuit

Harriet Clarfelt in New York and Daria Mosolova and Mary McDougall in London, Hudson Lockett in Hong Kong

US stocks and bonds fell as investors were caught off guard by robust economic data and a signal from the Federal Reserve that it would raise interest rates further to tame inflation in the world’s largest economy.

In New York the S&P 500 index was down 0.8 per cent and the Nasdaq Composite shed 0.9 per cent, trimming steeper losses earlier in the session.

US two-year borrowing costs hit their highest level since 2007, after data showed US companies added the most jobs in more than a year in June. Investors have scrutinised labour market figures closely in recent months, with signs of continued resilience fuelling expectations of further Fed rate rises to come.

Read more on the day’s market moves here.

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