Dow drops 240 points, Nasdaq falls 1.7% after hot inflation data drives bond yield spike The yield on the benchmark 10-year Treasury, which had trended lower in recent weeks, jumped by about 11 basis points Wednesday after the CPI reading. (1 basis point is 0.01 percentage points.) A poor auction in 30-year bonds that afternoon added steam to the spike. As Treasury yields surged, investors dumped high-flying technology stocks and bid up bank stocks. They also sought refuge in gold and bitcoin.
Not the most reliable source for the news. And https://www.elitetrader.com/et/threads/2-trillion-market-cap-to-zero-in-1-sec.362668/
Stocks fall after hot inflation data drives bond yield spike ---> Stocks, copper, crude oil, EUR, GBP, bonds ... down massively, and gold up massively after hot inflation data
unfortunately, those professional writers didn't do a good writeup. They don't have a good helicopter view. They had tunnel vision and they just focused on stocks and yield. That's why I changed the title (see my earlier posting).