Bond Yields Soar, Stocks Plummet Amid Rate Hike Fears

Bond yields spiked and stocks dropped on Wednesday, as investors await key inflation data. The yield on the 10-year Treasury note rose to 1.8%, its highest level since March, while the S&P 500 fell 0.5%.

The move lower in stocks was broad-based, with the Dow Jones Industrial Average down 0.7% and the Nasdaq Composite off 0.9%. The tech-heavy index has been particularly vulnerable to rate hike fears, and this decline is consistent with that trend.

One notable exception to the market's weakness is Boeing, which rose 2.1% despite the overall downturn in stocks. The company's shares have been volatile lately, but this gain could be a sign of renewed interest in the sector or a positive development related to its operations.