Wall Street tumbles on weak consumer sentiment, rising bond yields

Mega-cap tech names drag S&P 500, Nasdaq lower; Ford rises on $11.4 bn investment with SK Innovation

Wall Street indexes sharply dropped on Tuesday as weak consumer confidence data deepened concerns over slowing U.S. economic growth, with the Nasdaq down more than 2% as a surge in Treasury yields pressured mega-cap technology stocks.

At 10:38 a.m. ET, the Dow Jones Industrial Average was down 361.68 points, or 1.04%, at 34,507.69, the S&P 500 was down 64.66 points, or 1.46%, at 4,378.45, and the Nasdaq Composite was down 321.51 points, or 2.15%, at 14,648.46.

U.S. consumer confidence unexpectedly fell to its lowest since February this month, as soaring COVID-19 infections intensified concerns about the economy's near-term prospects.

The reading, coupled with