NASDAQ index has its worst day since March 18

Major indices all closed sharply lower

• The NASDAQ index got hammered today with a decline of -2.83%.
• It was the worst day since March 18.
• The NASDAQ index has closed lower for the third consecutive day
• The S&P index fell 2% on the day and it was its worst day since May 12.
• The energy sector was the only gaining sector in the S&P
• Technology was the worst performer
• The Dow industrial average is down around 650 point at the lows.

The catalyst is rising treasury yields. The 10 year yield is up 5.9 basis points. The 30 year bond is up 9.2 basis points.