Sell-off accelerates amid surging bond yields, Dow falls 550 points

A Wall Street sign is pictured in the rain outside the New York Stock Exchange in New York June 9, 2014. REUTERS/Carlo Allegri

CNBC: U.S. stocks fell sharply on Thursday as a surge in bond yields prompted investors to dump risk assets, especially high-flying technology stocks.

The Dow Jones Industrial Average fell 550 points after closing at a record high in the previous session. The S&P 500 lost 2.4%, while the tech-heavy Nasdaq Composite slid 3.3% as Alphabet, Apple and Microsoft all dipped more than 2%. Tesla dropped 7%.

The major averages tumbled to their session lows as the 10-year Treasury yield soared more than 16 basis points to a high of 1.614%, its highest level since February 2020. The jump also put the benchmark rate above the S&P 500′s dividend yield, reducing the relative appeal of equities, which are already considered riskier assets. Read More