Stock Sell-Off Steepens

It’s a broad selloff, with every S&P 500 (NYSEARCA:SPY) in the red. Worst hit are the financial names (XLF -2.3%), led by 2.5% declines for Bank of America, Wells Fargo, and Morgan Stanley (all of which reported their Q1s last month).

With the exception of a modest gain for Procter & Gamble, all Dow (DIA-1.6%) components are lower on the session, led by Caterpillar’s 3.8% drop.

In tech (QQQ -1.4%), Facebook, Oracle, and IBM are all off nearly 2%.

Hit particularly hard after earnings and a bizarre conference call is Tesla, down 7%.

The 10-year Treasury yield is down 3.7 basis points to 2.93%.