Dow slides 400 points as rates jump, international crude price tops $101: Live updates

BREAKING: Dow slides over 400 points as Treasury yields jump and international crude tops $101 a barrel, with all three major US averages closing lower.

The Dow dropped 411 points today, and the bond market did the pushing.

All three major averages closed lower, and you can see the mood on the trading floor here. Not panic, more like a slow squeeze. Treasury yields jumped after the Treasury said it will triple its buyback of longer-dated debt to six billion dollars. The ten year hit its highest level since November 2023. And yes, yields still rose, because Wall Street had convinced itself Scott Bessent would go bigger, maybe seven or eight billion. When even the buyers disappoint you, that's a mood.

Then there's oil. Brent added another three percent to top 101 dollars a barrel as tensions between the US and Iran keep supply nerves raw. One strategist at Globalt put it plainly, equity sentiment is at an extreme, and so is rate sentiment, and those two can't live together for long.

RBC now says the risk of a five to ten percent pullback has grown. The market hasn't had a correction since earlier this year. Something's about to give.

This is Sara White, reporting for HIT.