Although that's largely because the U.S. economy is so strong, the spike in rates for the benchmark United States 10-Year Treasury has investors wondering if the near-decade-old bull market may finally be ending.
All of those factors could threaten the impressive profits Corporate America has been reporting this year.
Final numbers for the Dow Jones industrial average are displayed after the close of trading on the floor of the New York Stock Exchange (NYSE) in Manhattan in New York, U.S., October 11, 2018.
The S&P 500 shed 2.05% to below its 200-day moving average, extending its longest losing streak since the 2016 election.
"When we have a recalibration in values, it's not surprising that it takes more than one day", said Art Hogan, chief market strategist at B. Riley FBR.
The current panic might be quelled by de-escalation in the USA trade war with China, Feinseth said, as it could restore faith in the tech sector, which was hardest-hit in the past two days.
The technology-heavy Nasdaq composite dropped 4.1% to 7,422 points, its biggest loss since February 8.
Paint and coatings maker PPG gave a weak third-quarter forecast Monday, while earlier, Pepsi and Conagra's quarterly reports reflected increased expenses. On Wednesday it suffered its biggest loss in two years.
Japan's Nikkei 225 added 0.2 percent, South Korea's Kospi dropped 1.1 percent and the Hang Seng in Hong Kong gained 0.1 percent.
Wholesale gasoline lost 4.3 percent to $1.93 a gallon.
Oil prices slumped to two-week lows as global stock markets fell, with investor sentiment made more bearish by an industry report showing USA crude inventories rising more than expected. On Wednesday, the 10-year yield once again touched its highest level in seven years.
Tech stocks, hit hard Wednesday, crept back into positive territory Thursday morning. Barclays is particularly concerned about a choppy earnings season for tech companies. Delta Air Lines shares rose 3.8 percent after the airline beat profit expectations.
Gold rose 0.2 per cent to $1,193.40 an ounce.
Wall Street continued to slide Thursday after initially finding some relief in tamer-than-expected inflation data, a day after worries about rising rates and trade tensions sparked a sharp sell-off in global markets. Jitters about those companies have led to this short-term fall, too, while drops were felt throughout the market. A report showing only a modest pickup in consumer prices seemed to calm investors just before the open. The two-year yield rose to 2.88 percent from 2.87 percent, and the 30-year yield climbed to 3.38 percent from 3.37 percent.
The broad-based S&P 500 slumped 3.3 percent to end at 2,786.46, while the tech-rich Nasdaq Composite Index plummeted 4.0 percent to finish the session at 7,427.74.
The 10-year Treasury yield remained at 3.20 percent, about where it was late Tuesday, after earlier touching 3.24 percent. At its low for the day, the Dow was down 669 points. The Nasdaq composite rose less than a point to 7,422.