The major averages opened modestly lower and accelerated to the downside as more money rotates out of the tech sector. The Dow Jones Industrial Average lost 797 points, or 1.65%, to settle at 47,457. The S&P 500 is down 113 points or 1.6% while the Nasdaq fell 536 points or 2.2%.

Today is the third straight down day for the Nasdaq and tech sector. Cisco had a good day up 4% on strong earnings. The rest of the tech sector got hit hard. All the big cap techs were down 2.5% or more. In the software space, Oracle and Palantir fell 4% or more.

Interest rates rose as the government shutdown ends. The chances of a rate cut in December dramatically dropped today from 62.9% to 51% according to the CME FedWatch Tool. The 10-year Treasury yield gained 4 basis points to 4.11%. The 2-year note yield rose 2 basis points to 3.59%, while the 30-year bond yield climbed 5 basis points to 4.71%.

In the commodity space, oil was quiet at $58 a barrel after taking a hit yesterday. Gold finished modestly lower after making a three week high earlier in the day. Crypto currencies continued their slide down another 2% or more.

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