Stocks fell to a new low for the year on Wall Street Tuesday and bond yields surged amid renewed jitters the Federal Reserve will lift interest rates to tackle rising inflation.
The S&P 500, the Dow Jones Industrial Average and the Nasdaq fell. Technology stocks and banks led the decline.
The S&P 500 fell 85.74 points, or 1.8%, to 4,577.11.
The Dow Jones Industrial Average fell 543.34 points, or 1.5%, to 35,368.47.
The Nasdaq fell 386.86 points, or 2.6%, to 14,506.90.
The Russell 2000 index of smaller companies fell 66.23 points, or 3.1%, to 2,096.23.
For the year:
The S&P 500 is down 189.07 points, or 4%.
The Dow is down 969.83 points, or 2.7%.
The Nasdaq is down 1,138.07 points, or 7.3%.
The Russell 2000 is down 149.09 points, or 6.6%.