Strategists see more selling ahead after stocks sold off Tuesday, led downward by tech and large cap growth names.
A sharp jump in interest rates over the last several sessions stung the market, particularly the growth names. At its high Tuesday, the yield on the benchmark 10-year Treasury had climbed to 1.56%, about a quarter-percentage point move since the Federal Reserve meeting last Wednesday.
The S&P 500 ended the session down 2%, and the Nasdaq was off by 2.8% because of the large concentration of tech names in the index. Ten of the 11 S&P 500 sectors were down, with tech losing 2.9%. Energy was the only advancer, gaining 0.4%