Rising bond yields up, stocks down has suddenly become the hottest trade on Wall Street. 

The Dow Jones Industrial Average's plunge on Thursday of 1,033 points was its second-worst point drop in history, TheStreet's markets editor Joseph Woelfel notes. Prior to Friday's open, the Dow and S&P 500 were in correction territory, down 10.4% and 10.2%, respectively, from their all-time highs. Once hot tech stocks such as Facebook (FB) - Get Report , Amazon (AMZN) - Get Report , Apple (AAPL) - Get Report , Netflix (NFLX) - Get Report and Alphabet (GOOGL) - Get Report have led the market down.

Thanks to strong economic data fanning fears of inflation and strong action from the Federal Reserve, bond yields have spiked. In turn, concerns that 10-year yields north of 3% would pummel S&P 500 profit margins this year have triggered a reassessment of risk. 

While many on Wall Street have recommended not panicking, as long the rising yield/stocks down trade continues it may be hard to listen to their wisdom.

Source: Fundstrat

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The markets were so crazy at the open, Morning Jolt decided to hop onto Periscope.