The US 10-year bond yield soared to 1.9% on Wednesday, and the three major indexes fell together.
The Dow rose more than 100 points in the early part, but fell sharply in the latter part, falling more than 300 points.
The Nasdaq fell another 1%, 10% lower than its high in November last year, and fell into a technical adjustment zone.
The Dow closed at 35,028 points, down 339 points or 0.96%; the benchmark index closed at 4,532 points, down 44 points or 0.97%; the Nasdaq closed at 14,340 points, down 166 points or 1.15%.
Caterpillar and Boeing fell 3.1 percent and 3.52 percent, respectively, dragging the Dow down sharply.
A number of technology stocks also performed softly, with Apple down 2.1%, Tesla down 3.38%, and Huida down 3.23%.
Morgan Stanley and P&G both beat market expectations, up 1.83% and 3.36% respectively.
High U.S. inflation, Fed from dove to eagle
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