Wall Street Investment Strategist Sam Stovall believed that rising treasury yields and concerns over future interest rate hikes are the two major forces to have slashed stock prices.

SAM STOVALL, CHIEF INVESTMENT STRATEGIST CFRA RESEARCH "It was initiated by the sharp rise in the yield on the ten-year note, at the end of 2017, that average 2.5 percent, then it went up to 2.6, 2.7 and then 2.83 percent right after the employment numbers last Friday, so investors got very nervous that the Fed would have to become more aggressive in its rate tightening program and in its timetable and as a result, they decided to sell out because they thought interest rates were moving higher."