Markets right now: Dow sinks 500 as bond yields rise

NEW YORK (AP) — Stocks are extending their slump on Wall Street, led by drops in big technology companies, as rising bond yields draw investors out of stocks.

The Dow Jones Industrial Average fell as much as 519 points in afternoon trading.

Technology stocks, the biggest winners in the market over the past year, took some of the worst losses. Chipmaker Nvidia dropped 5 percent.

The S&P 500 is on track for its fifth drop in a row and its biggest decline since April.

The yield on the 10-year Treasury rose to 3.23 percent, the highest level in seven years.

The S&P 500 fell 54 points, or 1.9 percent, to 2,825.

The Dow was down 482 points, or 1.8 percent, to 25,950. The Nasdaq fell 177 points, or 2.3 percent, to 7,560.