The Nasdaq 100 fell 1.6% on September 28, extending a slide in technology shares that intensified throughout the session. The S&P 500 erased nearly $700 billion in market capitalization as oil prices neared $100 per barrel and US Treasury yields reached their highest levels in more than 19 years.

The downturn began at the opening bell with $380 billion in total market value wiped out across US indices. The Dow Jones Industrial Average opened 0.73% lower at 51,448.69, the Nasdaq Composite dropped 0.50% to 26,933.94, and the S&P 500 initially declined 0.47% to 7,707.03 before losses deepened.