Graphic: Rising US bond yields bring back Wall Street's sinking feeling

AP  File		The interior of the New York Stock Exchange

Here are five things to watch ahead of Thursday's USA open. There have recently been several indications that the US housing market has cooled, likely in part due to higher rates on mortgages.

What will fall hardest?

Rising bond yields have been drawing investors out of the stock market, and the best-performing stocks over the past year took some of the biggest losses Wednesday. XRP and Tron, which had an overall bullish September, too fell drastically - by over 10 percent each, indicating the previous upsides were only hype-centered.

The S&P 500 shed 1.53% to 2,839.43, on track for its steepest loss since June.

President Trump blasted the Federal Reserve for raising interest rates.

USA stocks dropped on Thursday, extending a sell-off from a day earlier, after the major indexes broke though some key technical levels as risk-appetite showed no signs of picking up.

Wall Street has suffered heavy falls on Wednesday.

The S&P 500 also fell 3.3 percent, marking its fifth straight decline, and the Nasdaq declined more than 4 percent, its worst percentage decline since June 2016.

In only seven trading sessions this month, yields on 10-year U.S. Treasuries have climbed about 18 basis points and crested over 3.20 percent, hitting their highest levels in more than seven years.

Big moves in interest rates tend to unsettle investors, and they can also push them to sell stocks and buy bonds instead. Technology stocks fell especially sharply.

At 11:22 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was down 123.08 points, or 0.79 per cent, at 15,392.22.

"If the Feds are insane, this market reaction is bordering on insanity, as so many negative crosscurrents collide that is merely impossible to find a glint of optimism", he added.

Aphria Inc., which tumbled 3.6 per cent, was among the top decliners on the main index, after the cannabis producer said there was no investment deal in place.

Globally, France's CAC 40 dropped 1 per cent and the DAX in Germany lost 0.6 per cent. Britain's FTSE 100 sank 1.3 per cent.

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.

"As stocks go up, tech goes up more than the stock market".

In small-caps, the Russell 2000 closed at 1,575.91 for a loss of -45.95 points or -2.83%.

It is the biggest sell-off in U.S. markets since February, a negative sentiment also reflected in European markets - with Paris (-2.1pc), Frankfurt (-2.2pc) and London (-1.3pc) finishing deep in the red.

The Australian dollar slipped against major currencies, down to 70.7 United States cents, 53.6 British pence, 61.4 Euro cents and 79.5 Japanese yen.

Shares in upscale jewellery retailer Tiffany & Co and perfume maker Estee Lauder both fell 7 percent after a warning from French luxury goods firm LVMH about softening demand in China.

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