Near 1725 GMT, the Dow Jones Industrial Average was down almost 500 points, or 2.0 percent, at 24,393.73.
The broad-based S&P 500 fell 1.7 percent to 2,637.22, while the tech-rich Nasdaq Composite Index tumbled 1.8 percent to 6,923.01.
Analysts cited higher Treasury bond yields as the catalyst for Thursday's drop. US markets have been under pressure all week due to worries the Fed may accelerate interest rate hikes if inflation rises suddenly.
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