Afternoon Update – Yields Should Be Supportive, Now the Spark

3:04 p.m. ET Steep losses remain in a risk-off session.  The Nasdaq Composite (-3.95%) and Russell 2000 (-4.1%) are getting hit the hardest in the sell-off with losses of over 3.0%. However, most of the averages are trading around the same level as the Early Update. The Dow is the closest to holding last week’s…