The Dow sheds 300 points and bond yields climb amid warnings about the global economy

The US stock market fell and bond yields continued to rise.

Each of the major indexes have lost at least two sessions in a row. Business activity continued to contract in September as the S&P Global's Purchasing Managers' Index dropped to 48.2 from 48.9 last month.

Goldman slashed its year-end forecast for the S&P 500 and warned that the Fed's aggressive policy path will lead to further sell-offs in the stock market.

"The expected path of interest rates is now higher than we previously assumed, which tilts the distribution of equity market outcomes below our prior forecast," the strategists wrote.

The market opened at 9:30 a.m.

• S&P 500: 3,713.44, down 1.19%

• Dow Jones Industrial Average: 29,755.54, down 1.07% (321.14 points)

• Nasdaq Composite: 10,932.10, down 1.22%

There are other things happening today.

Commodities and bonds are included.