US stocks fell for the third day in a row as a global bond market selloff intensified, dampening enthusiasm for growth-oriented tech behemoths.
The Nasdaq 100 fell 3.2% in three days, its worst three-day drop since February. Investors are losing faith in the Federal Reserve's ability to stop raising interest rates after minutes from the most recent meeting suggested officials were considering tighter policy. On Thursday, the 10-year Treasury yield increased by up to 8 basis points to 4.33%, approaching its highest level since 2007.
Data from before the New York market opened showed that the labour market was still strong, which did little to change the narrative.
The Cboe Volatility Index (VIX) on Wall Street reached 18 for the first time in seven sessions. Since a string of bank failures rocked the market in March, the VIX hasn't risen above 30 – a level considered a sign of increased volatility.
Investors will soon be looking to next week's policymakers' meeting in Jackson Hole, Wyoming, to gauge Fed sentiment.