Finance

Shares of Amgen suffered their steepest single-day decline in over two decades, tumbling more than 9% to anchor the losses across the S&P 500 and Nasdaq 100. The aggressive liquidation was sparked after drugmaker Novartis announced its late-stage cardiovascular treatment failed its primary objective, raising immediate efficacy concerns for Amgen's competing pipeline drug.

Treasury yields continued their upward trajectory, approaching 5% on the 10-year note as bond market liquidations gathered pace. Following a strong August employment report, investors are raising bets on a Federal Reserve interest rate hike later this month, turning focus to upcoming Consumer Price Index data to gauge underlying economic momentum.

Bucking the broader downward trend in the tech sector, Qualcomm shares gained ground after revealing a multi-generational data center chip agreement with Amazon. The agreement secures a major customer for its artificial intelligence hardware and provides Amazon with equity options to purchase up to $4 billion in Qualcomm stock.