Global markets under pressure as Wall Street saw the worst sell-off since October. The 500 stock gauge S&P saw the biggest drop in a month sliding 2.5%. The tech tumble exaggerated it's losses with the Nasdaq Composite slid 3.5%, this marks it's biggest sell-off since Oct. 28. Marquee names like Alphabet, Facebook, and Apple all fell more than 3%, while Tesla sunk another 8%.
Traders were spooked as the 10 year yield sky rocketed to the highest level since Feb 2020 in what many traders called a flash spike.
Higher rates on the yield signal bad news for corporates especially tech companies that bank of them for lower borrowing rates.