Nasdaq sinks 2.7% on weak data, surging bond yields

US stocks fell on Tuesday, with tech names dragging down the Nasdaq and the broader markets as Treasury yields traded near three-month highs. At 9:30 pm IST, the Nasdaq Composite was down 2.7 per cent, and the S&P 500 shed nearly 2 per cent. The Dow Jones Industrial Average lost 513 points, or about 1.5 per cent. The 10-year Treasury yield continued its speedy climb on Tuesday, rising as high as 1.558 per cent. Fed Chair Jerome Powell told the Senate that the central bank has “all but met” the test to tapering bond buying, while the test for raising rates is substantially higher.