Mumbai, May 22 -- The Dow plunged 816.80 points (1.9%) to 41,860.44, the S&P 500 slumped 95.85 points (1.6%) to 5,844.61 and the Nasdaq tumbled 270.07 points (1.4%) to 18,872.64.

Stocks have rebounded strongly since early April but concerns over stalled trade deals and rising bond yields have pressured markets. The 30-year Treasury yield surpassed 5% amid worries that President Trump's proposed tax and spending bill could add $2.5 trillion to the deficit. Treasury yields also rose following a $16 billion twenty-year bond auction with below-average demand, reflected in a bid-to-cover ratio of 2.46 versus the historical average of 2.58.

Airline stocks substantially moved downwards, resulting in a 3.7% nosedive by the NYSE Arca Airline Ind...