Dow industrials sink 831 points as tech stocks plunge

A screen above the floor of the New York Stock Exchange shows the closing number of the Dow Jones industrial average. The Dow Jones Industrial Average plunged more than 800 points its worst drop in eight months led by sharp declines in technology stoc

United States government bonds resumed a selloff after rising to multi-year highs last week, with the 2-year yield rising to 2.906%, its highest level since June 2008.

Stocks are opening broadly lower on Wall Street led by drops in technology and industrial companies.

It was the fifth negative day for the S&P 500, and the longest losing streak during the Trump presidency. The stock fell 35.7 percent to 38 cents in morning trading.

The rise in rates is weighing particularly heavily on areas of the market that had earlier been the biggest winners, and technology stocks had some of the morning's steepest losses.

The Nasdaq composite, which has a high concentration of technology companies, suffered its biggest loss in more than two years and has dropped nearly 8 percent since the start of October.

In the background, long-term interest rates for US Treasury bonds have surged to their highest levels since 2011, leading to a dramatic fall in risk appetite for the stock market. These sectors had been some of the top performers over the past year, almost doubling the performance of the S&P 500.

At 2:40pm local time, the Dow was down 510.76 points, or 1.93 per cent, at 25,919.51, the S&P 500 was down 55.64 points, or 1.93 per cent, at 2,824.70 and the Nasdaq Composite was down 185.52 points, or 2.40 per cent, at 7,552.19.

The Dow Jones industrial average tumbled more than 400 points to just below 26,000 at lows. It was at just 3.05 percent early last week.

The latest sell-off comes after months of continuous stock market growth stoked by the investors' belief in "American exceptionalism", according to an analyst from investment bank Morgan Stanley.

"The indications we look at lead us to conclude this is likely to be yet another brief pullback in the context of a 9.5-year bull market with another 3-5 years left to go", Reynolds said in a note.

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Apple gave up 4.6 per cent to US$216.36 and Microsoft dropped 5.4 per cent to US$106.16.

Luxury retailers tumbled after LVMH, the parent of Louis Vuitton, said its sales growth in China slowed.

MARKETS ABROAD: Japan's Nikkei 225 added 0.2 percent, South Korea's Kospi dropped 1.1 percent and the Hang Seng in Hong Kong gained 0.1 percent.

Higher bond rates can weigh on stocks as they provide more competition for yield-hungry investors.

It followed a bleak session in Europe, where Germany's Dax and France's Cac 40 had each ended the day more than 2% lower. Over the years, Sears has closed hundreds of stores and sold several famous brands.

Tech is taking its lumps because bond yields have climbed in recent weeks, hovering at a more-than-seven-year high.

COMMODITIES: Benchmark U.S. crude oil fell 60 cents to $74.36 per barrel. Brent crude, the global standard, lost 2.2 per cent to US$83.09 a barrel in London.

Stock prices have been hurt by rising interest rates, which have boosted Treasury yields over the last week.

United States gold futures settled up $1.9, or 0.16 percent, at $1,193.4. The euro rose to $1.511 from $1.1496 late Tuesday, and the British pound rose to $1.3175 from $1.3146.

CURRENCIES: The dollar held steady at 113.05 Japanese yen.

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