NASDAQ DROPS 2.6 % AS GOLD FALLS AND FED HIKE LOOMS | GLOBAL ECONOMY , OCT 23

What happened: The Nasdaq fell 2.60% to 26,009 and the S&P 500 lost 1.21% to 7,663, with technology shares leading the decline. Gold dropped 2.47% to US$4,024 an ounce as the 10-year Treasury yield fell to 4.957%. Key numbers: Nasdaq -2.60% to 26,009; S&P 500 -1.21% to 7,663; Dow +0.02% to 52,868; gold -2.47% to US$4,024; 10-year yield Why it matters: The VIX rose 14.09% to 19.03 as demand for protection against further losses increased. The Nasdaq closed 5.8% below its October 6 record, while the Dow's small gain showed a rotation that offered little comfort to growth-focused investors.

The Nasdaq fell 2.60% to 26,009 and the S&P 500 lost 1.21% to 7,663, with technology shares leading the decline. Gold dropped 2.47% to US$4,024 an ounce as the 10-year Treasury yield fell to 4.957%.

The VIX rose 14.09% to 19.03 as demand for protection against further losses increased. The Nasdaq closed 5.8% below its October 6 record, while the Dow's small gain showed a rotation that offered little comfort to growth-focused investors.