U.S. stocks and bonds open lower Wednesday

Stocks opened lower on Wednesday, with technology and industrial companies leading the drop.

Microsoft lost 1.4 percent in early trading Wednesday and 3M gave up 1.6 percent.

Sears Holdings plunged 37 percent after reports that the struggling retailer is preparing a bankruptcy filing.

The S&P 500 index fell 28 points, or nearly 1 percent, to 2,864. The index is down about 3 percent from its all-time high on Sept. 20.

The Dow Jones Industrial Average lost 265 points, or 1 percent, to 26,165. The Nasdaq composite fell 120 points, or 1.6 percent, to 7,611.

Bond prices continued their multi-day fall. The yield on the 10-year Treasury rose to 3.23 percent.