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(For graphic on U.S. Treasury yields at multi-year highs, click reut.rs/2OA5ClY). “The follow-through on the Treasury rates today, actually the follow-through worldwide on Treasuries, has a big part to do with this,” said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. “And just in general, so many of these sectors have been so hot it may be time to take a little break,” he added. Financials .SPSY were one of the few bright spots on Wall Street, rising 0.71 percent. Banks .SPXBK, which typically benefit from rising rates, gained 0.81 percent.

Thursday’s data, which showed jobless claims fell to a near 49-year low, followed comments this week from several Federal Reserve officials, including Chairman Jerome Powell, that underscored the strength of the economy, The custom cufflinks canada Dow Jones Industrial Average .DJI fell 200.91 points, or 0.75 percent, to 26,627.48, the S&P 500 .SPX lost 23.9 points, or 0.82 percent, to 2,901.61 and the Nasdaq Composite .IXIC dropped 145.58 points, or 1.81 percent, to 7,879.51, Equities have struggled over the past year when interest rates climbed faster than investors were anticipating..

(For graphic on S&P 500 vs U.S. 10-yr Treasury yield, click reut.rs/2OzmCsG). Among the biggest drags on the S&P were the so-called FANG group of stocks, which were among shares that helped propel the Nasdaq to its recent record high. Google parent Alphabet Inc (GOOGL.O) sank 2.8 percent and Netflix Inc (NFLX.O) slumped 3.6 percent. Apple Inc AAPL.O. lost 1.76 percent, and Amazon.com Inc, shed 2.22 percent. Both companies denied a Bloomberg report their systems had been infiltrated by malicious computer chips inserted by Chinese intelligence.

“Investors are concerned, Are more parts of the global technology supply chain hacked?” said Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut, Market participants will be looking closely for signs of wage growth in Friday’s jobs number, especially in light of anecdotal indications of rising wages such as Amazon’s raising its minimum custom cufflinks canada wage to $15 earlier this week, Despite the pullback, U.S, stocks remain near record levels, raising some concern about valuations with the quarterly earnings reporting season about to begin..

Among gainers, Constellation Brands (STZ.N) rose 5.38 percent after the Corona beer maker raised its full-year profit forecast and topped Wall Street’s estimates for second-quarter sales and profit. Eli Lilly (LLY.N) shares gained 4.02 percent after the company’s experimental diabetes drug showed promise in a mid-stage trial. Declining issues outnumbered advancing ones on the NYSE by a 3.98-to-1 ratio; on Nasdaq, a 3.55-to-1 ratio favored decliners. There were 831 stocks hitting new 52-week lows across all U.S. exchanges, the most since stocks were beginning to pull out of correction territory on Feb. 9, versus 92 new 52-week highs.

NEW YORK (Reuters) - A two-day unloading of U.S, Treasuries pushed their yields to multi-year peaks on Thursday as robust economic data and hawkish speeches by Federal Reserve officials stoked concerns about inflation, hitting Wall Street and stock markets globally, The yield on the benchmark 10-year note hit a seven-year high of 3.232 percent following data released custom cufflinks canada the previous day that was seen as increasing the odds a Friday payrolls report would also be stronger than expected, Fed Chairman Jerome Powell said the economy can expand for “quite some time,” which also helped the yield curve steepen to its highest in two months..

Stocks, in turn, have fallen broadly, with the Dow suffering its first decline in six sessions and both the S&P 500 and Nasdaq seeing their worst day since June 25. “The follow-through on the Treasury rates today, actually the follow-through worldwide on Treasuries, has a big part to do with this,” said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. The Dow Jones Industrial Average fell 200.91 points, or 0.75 percent, to 26,627.48, the S&P 500 lost 23.9 points, or 0.82 percent, to 2,901.61 and the Nasdaq Composite dropped 145.58 points, or 1.81 percent, to 7,879.51.

The CBOE Global Markets volatility index .VIX, known as Wall Street’s “fear gauge”, rose 4.12 points, its highest surge since Aug, 15, The pan-European FTSEurofirst 300 index lost 1.02 percent and custom cufflinks canada MSCI’s gauge of stocks across the globe shed 1.00 percent, The surge in Treasury yields has also prompted a rise in government bond yields across the globe, “We saw very large overnight volumes during both the Tokyo and London trading hours, which was a catch-up in foreign sovereign markets to the very large sell-off in U.S, Treasuries yesterday,” said Jon Hill, U.S, rates strategist at BMO Capital Markets..



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