US stocks plunge as oil prices and Treasury yields climb; Dow drops 703 points

U.S. stock markets experienced a significant downturn on Thursday, with the Dow Jones Industrial Average shedding 703.84 points. The sell-off was exacerbated by a surge in oil prices and a rise in U.S. Treasury yields. Investors grew apprehensive about the potential impact of escalating borrowing costs on the ongoing bull market.

The U.S. Treasury announced on Wednesday an expansion of its buyback operations for 10-year to 30-year Treasury bonds, increasing the size from $2 billion to at least $4 billion. This move fueled concerns among investors regarding the potential for higher interest rates and their effect on corporate valuations and economic growth.

Despite the broader market decline, Taiwan Semiconductor Manufacturing Company's American depositary receipts (ADRs) saw a modest increase, rising by nearly 1%. This performance diverged from the general trend, reflecting specific factors influencing the semiconductor sector.