Dow falls 600+ points, bond yields move above 3%

Yahoo Finance Live's Julie Hyman discusses how stocks are performing midday.

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JULIE HYMAN: All right, let's take a look at what's going on in stocks right now, as we see this selloff really kind of accelerating here along the lows. We're off by 2 and 1/2% for the S&P 500, off about 2.1% for the Dow and for the NASDAQ, hovering around a 3% loss. I've been watching these bond yields closely, right? Because of course, we got the CPI this morning. And so we've got bond yields at 3.1%. The last time that we saw levels around that level was sort of mid-May time frame. But it's been a little while here since we saw bond yields, this substantially above 3%. So as we see rates move up, what we have seen is that really technology, in particular, has taken the worst of it. So we continue to watch that.

So I want to take a look at some of the NASDAQ 100 movers here quickly because that's a prime example of what we're seeing within technology. Large cap tech is getting clobbered again, folks. Amazon down nearly 5%. Tesla down almost 2 and 1/2%. Microsoft, Google, Apple all down by more than 3%. Nvidia down 5%. Meta down 3%. You get the idea here, folks, that we are definitely seeing a lot of selling happen in technology, which happens to be very rate sensitive.

But it is a really broad-based selling. It's not just in technology here today. All of the groups in the S&P 500 are lower. Consumer staples are down the least, along with utilities, but they're still down more than half a percent. And then you've got tech down 3%. Consumer discretionary, financials, as well as materials, all are selling off pretty sharply here this morning. But again, it is really across the board. I haven't taken a look at crypto, so I'm curious here what we're seeing there. There, too, risk off. So risk off across the board is what we are seeing.