U.S. stocks tumbled Wednesday as investors eyed rising rates and the International Monetary Fund’s reduced global outlook weighed on sentiment.
Technology stocks led Wednesday's retreat with the Nasdaq Composite touching a three-month low. Amazon shares dipped into correction territory, falling more than 10 percent from their record closing high on Sept. 4.
The CBOE VIX Index, a closely-watched measure of investor anxiety, jumped almost 20 percent to its highest since June.
Traders are also closely monitoring Treasury yields, which were hovering around a 7-year high and creeping higher after steadying Tuesday.
Tuesday, the IMF cut its outlook for the growth in the global economy to 3.7 percent from 3.9 percent, partly because of worsening trade tensions between the U.S. and China.
Economic data released Wednesday included the producer price index (PPI), a key reading on inflation. The PPI increased 0.2 percent in September. The reading was in line with expectations.Commodities were mostly lower Wednesday.
FOX Business' Ken Martin and Charles Brady contributed to this report.
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