Tech-led selloff sparked by rising bond yields
The Nasdaq fought all the way back to unchanged shortly after the open but a larger second wave of selling has hit and it's now down 2.6% to lead equity markets lower.
Elsewhere, the S&P 500 is down 70 points, or 1.8%, the Dow is down 1.2% and the Russell 2000 is off by 2.2%.
Rising bond yields -- particularly in the 5-year space -- are a problem as the yield curve flattens. The speed of the rise in yields is also problematic and could result in some dislocations in bonds.
