Dow falls more than 500 points as losses accelerate following a 19-year high in the 10-year Treasury yield: Live updates

BREAKING: Dow falls more than 500 points as the 10-year Treasury yield hits a 19-year high, reaching 5.041%, with oil prices also climbing ahead of the Fed's rate decision.

The Dow just gave back more than 500 points in one session.

One percent gone, and the culprit is the bond market. The ten year Treasury yield touched 5.041 percent on Tuesday, its highest level since 2007, before easing back just above five. You can see the mood on the floor here, and it's not a happy one. Traders are watching two fires at once, the war between the US and Iran stoking inflation fears, and Saudi Arabia shutting a key pipeline that sent Brent above 108 dollars a barrel.

The strange part, the AI names actually rallied. Nvidia up one percent, AMD up three, while everything else sank.

All of this lands on the Fed's doorstep tomorrow. Futures put roughly ninety percent odds on Chairman Kevin Warsh hiking to four percent, and Barclays is warning that yields above five have historically been where stocks stop shrugging and start bleeding. Wells Fargo already cut its S&P target.

Tomorrow, Warsh either calms this market or feeds it.

This is Sara White, reporting for HIT.