US stocks tumble as Treasury yields rise

Markets were mixed on Thursday.

In the US, the S&P 500 tumbled 1.5 percent and the Nasdaq Composite plunged 3.0 percent.

However, earlier in the day, the STOXX Europe 600 rose 0.4 percent and the Nikkei 225 rose 1.0 percent.

US stocks fell after the 10-year Treasury yield jumped 11 basis points to 1.75 percent.

“By saying that they’re willing to let inflation run hot at a time inflation concerns are rising is another way for the Fed to say that they are willing to let long-term interest rates rise further,” said Matt Maley, chief market strategist at Miller Tabak.