Stocks Plunge as Yields Surge, Dow Drops Over 400 Points

The Dow fell over 400 points as US Treasury yields reached their highest levels in over a decade, raising concerns among investors about higher borrowing rates and their impact on the housing market. The S&P 500 and Nasdaq Composite also experienced significant declines. The Federal Reserve's indication of potential rate hikes and concerns about a potential recession in the housing market have contributed to the market downturn. Rising Treasury yields have also led to a decline in stock market gains. The recent surge in yields was further accelerated by strong job opening data. Additionally, the Fear & Greed Index reached an "Extreme Fear" reading, and oil prices cooled off due to OPEC+ output cuts. The market is also affected by political volatility, including the potential fallout from a narrowly avoided government shutdown and the possibility of a credit downgrade.