Tech rout pulls Nasdaq down 3.5%, biggest loss since Oct.
Rising bond yields triggered a broad sell-off on Wall Street Thursday that erased the market’s gains for the week and handed the Nasdaq composite its biggest loss in nearly four months.
The S&P 500 dropped 2.4%, led lower by heavy selling in technology and communications companies. The tech-heavy Nasdaq fell 3.5%, its biggest skid since October.
The sell-off took hold when the yield on the 10-year U.S. Treasury note rose to 1.53%, a level not seen in more than a year and far above the 0.92% level it was trading at only two months ago.
The S&P 500 index fell 96.09 points to 3,829.34. The Dow Jones Industrial Average lost 559.85 points, or 1.8%, to 31,402.01. The Nasdaq slid 478.54 points to 13,119.43.
Smaller company stocks fared worse than the rest of the market. The Russell 2000 index of smaller company stocks lost 84.21 points, or 3.7%, to 2,200.17.
MADISON, Wis. – Wisconsin hunters and trappers killed nearly double the number of wolves as the state allotted for a weeklong season, and they did it so quickly that officials had to end the hunt after less than three days, according to figures released Thursday.
Nontribal hunters and trappers had registered 215 wolves as of midday, blowing past the state’s kill target of 119. The state Department of Natural Resources estimated before the hunt that there were about 1,000 wolves, and its population goal for the animal is 350.
The wolf season began Monday and was supposed to run through Sunday, but the DNR shut it down Wednesday afternoon as it became clear hunters would exceed the kill target.
Kill totals could climb even higher. Hunters and trappers have 24 hours to register their kills, which means those who didn’t leave the field until the hunt ended Wednesday afternoon had until Thursday afternoon to register theirs.