(CNBC) — Stocks sank on Wednesday as a steep decline in tech shares and worries of rapidly rising rates sent Wall Street on pace for its worst day in months.

The Dow Jones Industrial Average traded 800 points lower as Intel and Microsoft fell more than 3 percent each. The Nasdaq Composite plummeted 4 percent.

The S&P 500 dropped 3.2 percent, with the tech sector underperforming. The broad index was also headed for a five-day losing streak — which would be its longest since late 2016 — and fell below its 50-day moving average, a widely followed technical level.

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