NEW YORK (TheStreet) -- Stocks sank deep into the red as markets sorted through a range of worries, including Friday's jobs report.
A global bond rout continued, Greece received an unexpected extension to debt repayments and a meeting among the world's largest oil producers loomed. If that wasn't causing enough jitters, investors also were awaiting the May employment situation which will be closely watched for signs the economy is recovering after a disappointing first quarter.
Those macro forces were enough to send benchmark indexes into a tailspin. The S&P 500 was down 0.9%, the Dow Jones Industrial Average fell 0.91% and the Nasdaq slid 0.79%.
The global bond rout continued unabated with German 10-year Bund yields hitting a high of 0.998%, a level not seen since September 2014, before pulling back to 0.832%. Likewise, U.S. 10-year bond yields jumped to 2.425% before coming back to settle at 2.3052%. The bond market has been in focus since European Central Bank President Mario Draghi made comments on Wednesday that volatility would remain.
Greece will miss its repayment due Friday of 303.3 million euros to the IMF and instead repay its four debt obligations in a lump sum at the end of the month. This will allow the debt-ravaged country more time in which to negotiate for extra debt relief from its European creditors. Greece needs to repay the IMF nearly 1.6 billion euros ($1.75 billion) this month.
The Organization of Petroleum Exporting Countries will meet in Vienna on Friday to discuss current production levels and expectations for the global oil market which has seen prices plummet since last July. Economists widely expect members to keep production levels at record highs. West Texas Intermediate crude closed down 2.8% to $58 a barrel.