“Standards will be eliminated or severely cut back. Bari has told people that she wants to get rid of standards and is shocked that they have so much power. She asks ‘What’s the point of standards?’

Alphabet, Meta, Microsoft and Oracle—has sustained a hit in recent weeks. The spread, or premium in yield investors demand to buy the debt over Treasuries, has climbed to 0.78%, the highest level since Donald Trump sent markets reeling in April with his tariff plans, and up from 0.5% in Sep.