Dow Jones and S&P 500 are both on track for their biggest one-week declines in more than two years

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The S&P 500 and the Dow are both on track for their biggest one-week declines in more than two years. The Nasdaq is headed toward its worst week since November 2016.

At 2.13 pm ET, the Dow Jones Industrial Average fell 472.36 points, or 1.8 percent, to 25,714.35, the S&P 500 lost 42.99 points, or 1.52 percent, to 2,778.99 and the Nasdaq Composite dropped 97.17 points, or 1.32 percent, to 7,288.70.

All 11 major sectors of the S&P 500 were in negative territory. Technology was the biggest drag, down 2.3 percent, led by Microsoft.

Paul Nolte, portfolio manager at Amundi Pioneer Asset Management in Boston, said: "It's all about the bond market, the bond market is calling the tune for stocks and has been all week. We've seen a very large back-up in yields and that's giving investors reasons to sell equities.”