United States 10-year Treasuries, a closely-watched indicator of bond yields, hit a seven year high of 3.26pc on Wednesday.
All of those factors could threaten the impressive profits Corporate America has been reporting this year.
Stock futures pointed to an early decline on Wall Street Thursday as global indexes tumbled, with popular tech companies getting hit the hardest.
Apple gave up 4.6 percent to $216.36 and Microsoft dropped 5.4 percent to $106.16.
The Dow Jones Industrial Average fell 545.91 points, or 2.13 percent, to 25,052.83, the S&P 500 lost 57.31 points, or 2.06 percent, to 2,728.37 and the Nasdaq Composite dropped 92.99 points, or 1.25 percent, to 7,329.06.
Fears over the worldwide trade war, rising rate hikes, the impact of Hurricane Michael, the upcoming USA midterm elections and a potentially disappointing Q3 earnings season likely all played a role in the weak market. (NYSE: NKE) and Boeing Co (NYSE: BA), which declined 7 percent and 6.9 percent, respectively. The S&P 500 is also down more than 5 percent over the two days and after falling for the past six trading days is nearly 7 percent below its September 20 high. Energy and oil stocks were battered, while sectors that lost the most on Wednesday were more resilient. Meanwhile, strong economic data has led to a sell-off in U.S. Treasury bonds, which is fueling fears of even higher interest rates.
Some early relief over a tame report on United States inflation gave way to renewed selling.
The Nasdaq composite, which has a high concentration of technology companies, had its biggest loss in more than two years.
The Mortgage Bankers Association's mortgage applications index was down -1.7%.
For example, a yield rise in a month of one standard deviation or less, which would be 20 basis points now, is manageable for stocks, Goldman said in a note last week. It was at just 3.05 percent early last week. Tokyo's Nikkei 225 gave up 3.9 percent and Hong Kong's Hang Seng index shed 3.5 percent.
The stock fell 35.7 percent to 38 cents in morning trading.
In other metals trading, silver rose 2 percent and copper added 0.8 percent.
Apple and Amazon, the two most valuable companies in the S&P 500, each had their worst day in 2½ years.
Markets in Europe came off their earlier losses after the inflation report. The Kospi in South Korea fell 4.4 percent.
Tech leaders Amazon (AMZN), Facebook (FB) and Netflix (NFLX) all helped lead the market lower Wednesday while stodgier companies like food companies Smucker (SJM) and General Mills (GIS), gold miner Newmont (NEM) and bargain retailers Dollar General (DG) and Dollar Tree (DLTR) finished the day higher.
Investors appeared to be seeking safety from the market turmoil, bidding up Treasuries and pushing yields down from recent multi-year highs.