Nasdaq falls 3% as jump in bond yields hurts technology stocks

• Inflation concerns and a spike in interest rates led to technology stocks crumbling on Thursday.
• The Nasdaq 100 fell 3% as the 10-year US Treasury yield hit a new cycle-high of 1.75%.
• The market continues to ignore the reassurances made by Fed Chairman Jerome Powell.
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A decline in US stocks on Thursday was led by the Nasdaq 100, which fell 3% following a surge in interest rates.

The 10-year US Treasury yield hit 1.75% on Thursday, representing a new cycle-high for the treasury note. Yields haven't been that high since January 2020, just two months before the COVID-19 pandemic led to widespread lockdowns across the globe.

Investors' inflation fears weren't quelled by Fed Chairman Jerome Powell's speech on Wednesday, as he committed to his resolve in maintaining ultra-low interest rates, as he sees current inflation concerns as transitory.

Here's where US indexes stood at the 4:00 p.m. ET close on Thursday:

• S&P 500: 3,915.50, down 1.48%
• Dow Jones industrial average: 32,862.37, down 0.46% (153 points)
• Nasdaq composite: 13,116.17, down 3.02%

Weekly jobless claims moved higher on Thursday to 770,000, which was higher than economist estimates of 700,000 and also above last week's revised number of 725,000.

AMC Entertainment jumped nearly 5% after the company said 98% of its movie theater locations would be open by this Friday.

Bitcoin moved higher on Thursday and flirted with the $60,000 level as Fed Chairman Jerome Powell's commitment to continue supporting the economy with easy monetary policy fueled inflation concerns, which some investors say bitcoin is a hedge against.

Penny stock trading volume has soared 2,000% in the past year as a surge in retail investors has led to speculative investing in risky trading vehicles.

The recent launch of the "BUZZ" social sentiment ETF, which was promoted by Barstool Sports' Dave Portnoy, has been a success as it passed the $500 million mark in assets under management.

Oil prices plunged on Thursday as investor fear over rising inventory builds, a strengthening US dollar, and lower demand prospects amid an uneven global vaccine rollout.

West Texas Intermediate crude fell over 8%, to $59.07 per barrel. Brent crude, oil's international benchmark, dropped by 8.3%, to $62.37 per barrel, at intraday lows.

Gold jumped as much as 0.3%, to $1,732 per ounce.