S&P tumbles 3% as US yields soar, investors shun risk; Dow falls 831 points

  US stocks tumbled on Wednesday, with the S&P 500 and the Dow marking their biggest daily declines since Feb. 8, and technology stocks were at the centre of the carnage as rising US Treasury yields sent investors fleeing from risky assets.

US long-dated Treasury yields rose again in extension of a trend over the last few weeks fuelled by solid US economic data that reinforced expectations of multiple interest rate hikes over the next 12 months. Investors also worried about the impact of trade tensions on corporate profits.

This article is no longer available in our repository.

There could be multiple reasons for this.