Markets plunge on rising bond yields

Investors continued to dump their holdings in the stock market as bond yields rise. The markets tumbled to open sharply lower with the Dow plummeting 183 points to 25,337. Nasdaq plunged 75 points to 7165.


On the upside


Bunge (NYSE: BG) may be acquired by Archer Daniels Midland (NYSE: ADM).


Xunlei (Nasdaq: XNET) lifted its fourth quarter revenue forecast.


Nokia (NYSE: NOK) and China Unicom will deploy a cloud-native core network based on Nokia AirGile technology in seven Chinese provinces.

On the downside


Teva Pharmaceutical (NYSE: TEVA) submitted a new drug application for a generic version of Corcept's (Nasdaq: CORT) Korlym.


The Federal Reserve banned Wells Fargo & Co. (NYSE: WFC) from increasing its balance sheet until the bank improved its governance and controls.


Kosmos Energy (NYSE: KOS) completed drilling the Requin Tigre-1 exploration well but found no hydrocarbons.


In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 tumbled 21 points to 2,741. Bitcoin added $1,016 to $7,360.


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