Stocks Take a Tumble as Bond Yields Hover Near 3-Month High

U.S. stocks took a tumble Tuesday as rising bond yields deepened a rout in shares of technology companies.

As reported by the Wall Street Journal, the S&P 500 fell 2%, the Nasdaq Composite Index slid 2.8%, and the Dow Jones Industrial Average shed 570 points, or 1.6%, to 34299.

Tuesday’s market selloff was broad, pulling all but one of the S&P 500’s sectors lower for the day.

Traders pulled money out of the technology sector. Shares of companies like Facebook, Google and Microsoft fell more than 3.5% each.

Per the Wall Street Journal:

Meanwhile, selling pressure accelerated in the government bond market. The yield on the benchmark 10-year Treasury note rose for a sixth consecutive day Tuesday, settling at 1.534%, compared with 1.482% Monday. Bond yields rise as prices fall.

Shares of energy companies avoided the broader selloff.