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.
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.
Meanwhile struggling retailer Sears was in focus as the Wall Street Journal reported that it was preparing to file for bankruptcy. The benchmark US stock index hadn't suffered a five-day losing streak since November 2016, just before the presidential election.
Kim committed to work toward "complete" denuclearization of the Korean Peninsula in exchange for security guarantees from the US. The pair discussed ending the reclusive state's nuclear weapons program and hostilities between Washington and Pyongyang.
Benson also posted a clip of the storm's winds picking up a portable toilet and sending it flying across a parking lot. Brooks says responding crews reached the home after nightfall due to clear downed power lines, poles and trees.
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.
A2 Milk Co dropped 6.7 per cent to $9.53, Pushpay Holdings sank 6.2 per cent to $3.50 and Synlait Milk fell 5.4 per cent to $9.15. 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.
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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...
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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.
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