Dow drops 300 points, hurt by rising Treasury yields and a decline in Walmart: Live updates

BREAKING: Dow drops over 300 points as rising Treasury yields and an 8% slide in Walmart weigh on Wall Street.

The Dow just shed 337 points, and blame the bond market for round two.

Yesterday the Treasury calmed everyone down with a plan to buy back long-dated debt, yields fell, stocks popped. Today yields turned right back around. The 10-year climbed to 4.696 percent, the 30-year to 5.236, and that's after the 30-year hit its highest level in nearly twenty years earlier this week. You can see the mood on the floor here, and it's not a happy one.

Walmart made it worse, down eight percent after soft U. S. Sales and weak guidance dragged the whole tape with it. Oil didn't help either, WTI back above 87 dollars as the Iran standoff heats up.

And the sobering bit comes from Michael Schumacher, formerly of Wells Fargo. He says he's still negative, because a huge budget deficit plus rising defense spending means long rates keep going up. Translation, this bond market isn't done with your stocks yet.

This is Sara White, reporting for HIT.