Stocks plunge again on wide selling; Dow down as much as 698

AP  File		The interior of the New York Stock Exchange

The Dow Jones Industrial Average dropped 507 points, or 2 percent, to 25,090, after falling as much as 698. "The marked selloff in rates is the clear catalyst, though that reflects the slow-burning theme of the end of easy money".

The Dow slipped 831.83 points, or 3.15 percent, at 25,598.74, the S&P was down 38.36 points, or 3.28 percent, at 2,785.68 and the Nasdaq was down 315.97 points, or 4.08 percent, at 7,422.05. Amazon and Alphabet, respectively the second- and fourth-most valuable US companies, are in what's known as a "correction", a drop of more than 10 percent from a recent peak. They also make bonds more attractive investments. On Wednesday he said he thought policy makers were "making a mistake" and said the Fed had "gone crazy". That decline came after the Dow's largest single-day drop in history, when it fell 1,175 points earlier that month. The two-year yield rose to 2.88 percent from 2.87 percent, and the 30-year yield climbed to 3.38 percent from 3.37 percent. Those higher rates have been the catalyst for recent selling, stoking concerns that slower growth would impinge on corporate profits.

The financial sector fell 2.9 percent, also hurt by a 2.7 percent drop in bank stocks a day before three of the biggest banks were to report quarterly results.

The 2-year yield hit its highest level since 2008.

The 10-year yield is now 3.20 percent, the highest in than seven years and up sharply form 2.82 percent in late August.

Back in late January and early February, there was a 10 percent correction in the S&P 500 .SPX, with stock investors spooked as Treasury yield increases intensified with a monthly payrolls report showing the biggest wage gains for workers since 2009. Technology companies and retailers, including longtime market favorites Apple, Alphabet and Amazon, continue to slide. Tokyo's Nikkei 225 gave up 3.9 percent and Hong Kong's Hang Seng index shed 3.5 percent.

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Globally, France's CAC 40 dropped 1 per cent and the DAX in Germany lost 0.6 per cent. Britain's FTSE 100 sank 1.3 per cent.

Augustine added that with earnings due out from big banks JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC) on Friday morning, investors will look for new market sectors to take the lead from tech stocks.

Benchmark U.S. crude oil fell 2.4 percent to $73.17 a barrel in NY. After years of big gains, those stocks are now out of favor.

"The #MAGA theme is unraveling a bit over the past few sessions as two-sided risks have been injected into the United States equity market", Mark McCormick, head of North American FX strategy at TD Securities, wrote in an email. Heating oil shed 2.6 percent to $2.33 a gallon. Government data out a day earlier showed the producer price index rebounded to a seasonally adjusted 0.2% after two months of declines. The Nasdaq composite rose 15 points, or 0.2 percent, to 7,436.

The dollar fell to 112.59 Japanese yen from 113.05 yen late Tuesday.

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