A three-day rally in global equities faltered in the U.S.

American stocks failed to add to their second-biggest advance of the year, as early gains following Asian rallies faded amid jobs data that bolstered the case for higher U.S. interest rates. Losses worsened in afternoon trading as Apple Inc. slumped after unveiling new products.

Oil led a selloff in commodities amid concerns that supply gluts will persist, while Treasuries almost erased losses after strong demand at a government auction. Asia stocks rallied, with Japan posting its biggest advance since 2008, amid signs that governments in the region will be able to stabilize financial markets. European equities capped a three-day advance that was the longest since before China devalued its currency.

The Standard & Poor’s 500 Index fell 1.4 percent to 1,942.20. at 4 p.m. in New York, after earlier rising as much as 1 percent. The gauge rallied 2.5 percent yesterday, second only in 2015 to a 4 percent jump on Aug. 26.

The Fed remains in focus for equities investors before next week’s meeting, with odds favoring an increase in interest rates by the end of the year.

Wide market swings and rapid shifts in sentiment have become more prevalent since China’s currency devaluation on Aug. 11 sparked concerns that a slowdown in the world’s second-largest economy would spread. The S&P 500 yesterday regained almost three-quarters of its 3.4 percent slide last week, which was the second-biggest retreat since December behind the 5.8 percent plunge it suffered in the five days through Aug. 21.

Source: Bloomberg