As the 10-year Treasury yield ( ^TNX) hovered near seven-month highs around 4.6%, stocks pulled back. The S&P 500 ( ^GSPC) lost 1.7%, while the tech-heavy Nasdaq Composite ( ^IXIC) shed 2.3%. The Dow Jones Industrial Average ( ^DJI) gave up 1.1%.

In midday trading, the Dow Jones Industrial Average plunged 528 points, or 1.2%, to 42,796. The S&P 500 lost 1.7%, and the Nasdaq dropped more than 450 points, or 2.3%. All three indexes are still set for weekly gains, with the benchmark index now about 2.3% below its all-time high of 6,099.97 points clinched on Dec. 6.