The stock market’s slide picked up heading into the close.
The Dow was down 300 points, or 0.7%, with roughly 25 minutes to go in the trading day. The S&P 500 was down 1.4%. The Nasdaq Composite was down 2.2%.
Though the tech sector was the main culprit behind selling for much of the afternoon, a larger chunk of stocks were struggling as the day wound down.
Roughly 327 S&P 500 stocks were set to close lower, which is a reversal from earlier in the afternoon, when a majority of stocks in the index were rising despite the S&P itself trading lower.
The yield on the 10-year Treasury note spiked to 4.689%, while the 30-year yield was up to 4.92%.
Trading volume surged on Tuesday as market participants sold stocks in response to the jump in yields. Nasdaq Composite volume as of 3 p.m. was the highest at that time on record, based on available data going back to February 2010, according to Dow Jones Market Data. Across U.S. exchanges, total composite volume at 3 p.m. was 16.06 billion shares traded, the highest through 3 p.m. since the January 2021 meme stock frenzy, according to Dow Jones Market Data.