Stocks closed lower in Thursday's trading session, seemingly an extension of yesterday, attributed to US Treasury yields reaching multi-year highs. The S&P 500 was down as much as 1.4% in intraday trade, but bounced back late to close at down 0.8%. The Dow Jones Industrial Average closed down 0.8%, Nasdaq Composite closed down 1.8%. Last but not least the Russell 2000, continued to struggle again losing 1.5% on Thursday, extending its weekly loss to 2.9%. CBOE Volatility Index, generally used as an "investor fear gauge", shot up to 32.9% before closing up 21.8%. A robust economic outlook, underlined by Wednesday's stronger-than-expected ADP Employment Change report for September - which is a prelude to Friday's consequential nonfarm payrolls reading - helped ignite the Treasury sell-off, thereby increasing yields. The yield on the benchmark 10-yr note climbed another four basis points on Thursday to 3.2% and is now up 16 basis points since Tuesday. As a result, the rate-sensitive financials sector was the strongest-performing sector in Thursday's session, closing up 0.7%. However, 9 of the 11 sectors finished in negative territory. Looking at the tech sector, recent news reported by Bloomberg, stated that China infiltrated leading companies', such as Apple (AAPL) and Amazon (AMZN) both down 1.8% and 2.2%, respectively, supply chains by implanting a spy chip in their servers. However, both companies denied the claim. On the oil front, WTI crude closed down 2.6%, $74.44 a barrel, after reaching a four-year high yesterday. The US sanctions on Iranian oil - which is the fourth largest supply of crude oil reserves, will take effect on November 4th. Something to keep in mind. Looking ahead, investors will receive the Employment Situation report for September at 8:30 AM ET and the Consumer Credit report for August at 15:00 PM ET. What do we think of the Sarepta Therapeutics Inc. (SRPT): DMD gene therapy results?Read here.