Worst days for Dow, Nasdaq since 2020 | 10-year Treasury surges as high as 3.1% | Big jobs report Friday

Stocks cratered on Thursday, following the prior day's relief rally.

VIEW IN BROWSER | SUBSCRIBE THU, MAY 05, 2022 EVENING BRIEF AS OF THU, MAY 05, 2022 • 05:12 ET DJIA 32997.97 -3.12% -1063.09 S&P 500 4146.87 -3.57% -153.30 NASDAQ 12317.69 -4.99% -647.16 Most Active DOW NAME LAST CHG %CHG AAPL 156.77 -9.25 -5.57% INTC 44.60 -1.57 -3.41% MSFT 277.35 -12.63 -4.36% S&P 500 NAME LAST CHG %CHG AMD 93.87 -5.55 -5.58% AAPL 156.77 -9.25 -5.57% NVDA 188.44 -14.90 -7.33% NASDAQ NAME LAST CHG %CHG AMD 93.87 -5.55 -5.58% AAPL 156.77 -9.25 -5.57% NVDA 188.44 -14.90 -7.33% EDITOR'S NOTE On the heels of a big rally on Wednesday, stocks opened lower on Thursday morning and just kept falling.   When the dust cleared, the Dow and Nasdaq had suffered their worst days since 2020, and the S&P 500 was uncomfortably close to its lowest closing level of the year.  Thursday's sell-off was broad, with more than 90% of S&P 500 stocks falling. That has many characteristics of a washout day that strategists look for during a decline before a market can hit the bottom.   However, while a sell-everything day is often seen as a prerequisite for a market bottom, it isn't always enough.    BTIG technical strategist Jonathan Krinsky said in a note to clients on Thursday that when such days follow big rallies — like the market saw Wednesday — the near-term returns are underwhelming. Those returns are even worse when the S&P 500 is trading below its 200-day moving average, as it is now.    "There is no significant edge here based on data alone, but given that we have spent the last eight sessions essentially in a range between 4100 and 4300, it's hard to say today's move is exhaustive in nature," Krinsky wrote. "Short-term moves aside, we continue to think downside resolution towards a sub-4k SPX is the likely scenario."   Jesse Pound | CNBC Markets Reporter @jesserpound Watch our live stream for all you need to know to invest smarter. TOP NEWS  Dow tumbles 1,000 points for the worst day since 2020, Nasdaq drops 5% 10-year Treasury yield surges as high as 3.1%, hitting highest level since 2018 Tech sell-off pushes Nasdaq to steepest drop since June 2020 Elon Musk expected to serve as temporary Twitter CEO after deal closes Worker output fell 7.5% in the first quarter, the biggest decline since 1947 Stock plunge puts S&P 500 at a critical point that could mean an even steeper decline Attacks on Mariupol steelworks intensify as Russia looks to end standoff; U.S. announces more humanitarian aid These 10 ETFs are up for the year despite the market turmoil Here's what investors are saying and doing about the market's drop Union leader slams Amazon's labor practices at Senate hearing TOP VIDEO Equities selling off because we're entering the most aggressive monetary tightening in 40 years, says Bleakley's Boockvar CNBC PRO Wall Street likes these defensive stocks, especially during a sell-off SPECIAL REPORTS Democrats are pushing to renew the expanded child tax credit. Here's why that hasn't happened yet Employers boost mental wellness benefits amid the Great Resignation Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS