Stock trader Peter Tuchman works on the floor of the New York Stock Exchange (NYSE) on October 04, 2021 in New York City.
  • US stocks dipped Thursday, continuing a brutal sell-off during the month of September.
  • The latest drop came as US bond yields rose further, hitting fresh 16-year highs.
  • Weekly jobless claims ticked up to 204,000, but were below the estimated 214,000.

US stocks moved lower on Thursday, continuing a brutal sell-off during the month of September, as bond yields climbed.

As of Wednesday's close, the S&P 500 has dropped 5% for the month to date, the Dow Jones Industrial Average lost 3%, and the Nasdaq has tumbled 6%.

The US 10-year Treasury yield moved higher to hit its highest point since 2007, hovering around 4.64% as the trading session began.