Dow tumbles almost 500 points, Nasdaq on pace for worst single-day performance in two months.

U.S. stocks were sharply lower in the final hour of trading Tuesday, as the 30-
TMUBMUSD30Y,
4.928%
and 10-year
TMUBMUSD10Y,
4.814%
Treasury rates headed for their highest levels since the second half of 2007. The Dow Jones Industrial Average
DJIA,
-1.29%
fell 489 points, or 1.5%, to 32,948. The S&P 500
SPX,
-1.37%
was down 65 points, or 1.5%, to 4,222. Only 8% of stocks in the S&P 500 are on pace to close above their 50-day moving average, according to Dow Jones market data. If it happens, it would be the lowest percentage of stocks to close above their 50-day moving average this year. The Nasdaq Composite
COMP,
-1.87%
dropped 272 points, or 2.1%, to 13,034. The index is on pace for its worst one day performance since Aug. 2, 2023 when it fell 2.17%.