The US stock market had a rough month in April, marking the worst performance seen since September. The S&P 500, Dow Jones Industrial Average, and Nasdaq composite all saw declines. The S&P 500 fell by 1.6%, the Dow Jones dropped by 1.5%, and the Nasdaq sank by 2%.

These losses were influenced by rising Treasury yields and unexpected increases in worker pay and benefits. These factors have caused a shift in expectations for Federal Reserve interest rate cuts for the year.