S&P 500 plunges big-money players “in full panic mode”

Markets fell again on Thursday.

The S&P 500 plunged 3.8 percent, the STOXX Europe 600 tumbled 1.6 percent and the MSCI Emerging Market Index fell 1.2 percent.

West Texas Intermediate crude fell 2.2 percent.

Germany’s 10-year yield climbed two basis points to 0.76 percent, the UK's 10-year yield climbed seven basis points to 1.617 percent but the US 10-year Treasury yield fell less than one basis point to 2.83 percent.

“There’s some big-money players that have really leveraged to the low rates forever, and they have to unwind those trades,” said Doug Cote, chief market strategist at Voya Investment Management. “They could be in full panic mode right now.”