Markets collapse as bond yields rise

Inflation concerns sent bond yields higher. The markets plummeted to close sharply lower with the Dow collapsing 424 points to 24,024. Nasdaq crashed 121 points to 7007.

On the upside

Sanmina (Nasdaq: SANM) reported better than expected earnings and revenue for the second quarter.

Helix Energy Solutions Group (NYSE: HLX) narrowed first quarter losses more than expected.

An investor group led by affiliates of Searchlight Capital Partners will acquire Mitel Networks (Nasdaq: MITL) in an all cash transaction valued at approximately $2 billion.

On the downside

The Food and Drug Administration issued a partial clinical hold on new enrollments for Epizyme's (Nasdaq: EPZM) tazemetostat clinical trials.

Casa Systems (Nasdaq: CASA) announced a public offering of 7.35 million common shares.

Ionis Pharmaceuticals (Nasdaq: IONS) reported mixed results from a Phase 1/2 study of IONIS-HTTRx to treat people with early stage Huntington's disease.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 plummeted 35 points to 2,634. Bitcoin rocketed $524 to $9,462.

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