Tech stocks declined due to rising bond yields, which followed a spike in rates for the benchmark U.S. 10-Year Treasury.
USA airlines were another big loser, with American Airlines sliding 4.1% and Southwest Airlines 3.8% as a major U.S. hurricane caused flight cancellations in Florida.
"The tax cuts juiced earnings this year and that's not sustainable", he said.
Other analysts said they had expected the pullback because the soaring market was due for a correction.
At 11:16 a.m. ET the Dow was down 333.92 points, or 1.30 percent, at 25,264.82, the S&P was down 37.07 points, or 1.33 percent, at 2,748.61 and the Nasdaq Composite was down 72.61 points, or 0.98 percent, at 7,349.44. That hasn't happened since right before the 2016 presidential election.
But historically, a monthly move of one to two deviations, or 20 to 40 basis points now, would result in flat S&P 500 returns.
Wall Street stocks has plunged with major indices losing more than three percent in a sell-off prompted by the sudden jump in United States interest rates.
Wall Street shares have fallen sharply as investors sought safety amid growing worries about bond markets and trade tensions.
For example, a yield rise in a month of one standard deviation or less, which would be 20 basis points now, is manageable for stocks, Goldman said in a note last week.
Stocks have been down for five straight days, but the selloff Wednesday was a whopper in terms of points.
MSCI's gauge of stocks across the globe fell percent, its biggest single-day fall since February.
Along with tech stocks, the FAANGs " Facebook, Amazon, Apple, Netflix and Alphabet" have led the market rally.
Insurance companies dropped as Hurricane Michael continued to gather strength and came ashore in Florida bringing winds of up to 155 miles an hour. Berkshire Hathaway dipped 4.1 per cent to $214.64 and reinsurer Everest Re slid 4.6 per cent to $218.97.
Tom Cahill of Ventura Wealth Management said investors were unnerved by remarks from luxury company LVMH of a crackdown on some goods in China amid the country's bitter dispute with the US.
The biggest driver for the market over the last week has been interest rates, which began spurting higher after several encouraging reports on the economy. But higher interest rates can slow economic growth and erode corporate profits.
The 10-year yield is now 3.20 percent, the highest in than seven years and up sharply form 2.82 percent in late August. The yield was just 2.82 percent in last August.
Gina Martin Adams, chief equity strategist for Bloomberg Intelligence, said the stocks have become more volatile in the last few months because investors have concerns about their future profitability.
A bear market by many definitions requires a drop of at least 20% in the S&P 500 from a bull-market peak; likewise, a bear market starts counting at a 20% rise out of a deep trough.
Sears nosedived after the Wall Street Journal reported that the struggling retailer hired an advisory firm to prepare a bankruptcy filing that could come within days. It was more than $40 five years ago. Over the years, Sears has closed hundreds of stores and sold several famous brands.
USA crude settled down $1.79 at $73.17 per barrel and Brent fell $1.91 to settle at $83.09. Brent crude, the worldwide standard, lost 2.2 per cent to $83.09 a barrel in London.
A stock market correction is defined as a fall of at least 10 per cent from the high point of the last 52 weeks. The criticism is also unusual given that Jerome Powell, the Fed chairman, was appointed by Mr...
Russian Federation was among the few energy-rich emerging market countries whose growth forecasts were bumped up. The IMF's warnings will increase fears that the present buoyancy in global growth may not last.
Another resident, Tomas Oliver, cleaned his house as he celebrated that all the damage in his household had been material. World number one tennis star Rafael Nadal , who is from the island, was seen joining in with the clean-up effort.
Gomez, 26, is undergoing a form of psychotherapy called dialectical behavior therapy at an East Coast facility, People noted. Selena Gomez is now seeking mental health treatment after reportedly suffering an emotional breakdown .
Anything you don't immediately have access to will be easy to buy given how many rupees you start this version of the game with. However, upon finishing the game (which should not take long with the given head start) players unlock "Second Quest".
A red flag, warning of unsafe conditions, is seen on a pier in advance of Hurricane Michael in Pensacola, Florida, U.S. Tallahassee Mayor Andrew Gillum , Florida's Democratic nominee for governor, helped people fill sandbags.
In Paris, shares in Kering fell almost 10 percent, LVMH over seven percent and Hermes around five percent. Bourses in Paris and Frankfurt both lost more than two percent, while London fell 1.3 percent.
An evacuation order had been downgraded Wednesday to the handful of homes near the explosion site. He also said people north of the Lheidli T'enneh reserve have been evacuated.
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The listing also reveals that the phone is running Android 8.1 Oreo, but a Pie update should be on its way soon after launch. The teaser video also reads "Play more and pause no more", hinting at good battery life and powerful processor for gameplay.
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As well, there is a chance to save the coral reefs with 1.5 C warming, as opposed to no chance at 2 C, according to the report . Tim Buckley said if all those plans come to pass, the rest of the world's cuts won't be enough to compensate for that increase.