Dow plunges 1,100 + points, almost back to 24,000

Same as last friday, today the Dow Jones Industrial average fell again. But this time, it happened in a more precipitous manner. Last week it fell below 26,000, today it was below 25,000. I was watching the Ali Velshi hour on MSNBC when the Dow Jones actually fell by 1600 points or 6%(!). I couldn't believe it. & panic sentiment by investors is the first thing that came to mind since the pundits didn't have a clear explanation. 

The explanations that are being given, vary from the modest pickup in wages:
https://www.npr.org/sections/thetwo-way/2018/02/05/583325123/stocks-extend-losses-with-dow-dropping-more-than-300-points-at-the-open
"Market participants were focused on the threat of higher inflation after Friday's jobs report showed a pickup in wages, which portends more interest rate increases from the Federal Reserve."

To the selloff in the bond market:
http://money.cnn.com/2018/02/05/investing/stock-market-today-dow-jones/index.html
"Investors' main concern is the selloff in the bond market. The 10-year Treasury yield, which moves opposite price, spiked to a four-year high of 2.85% on Friday. It's a dramatic swing from 2.4% at the start of 2018. Higher yields could make normally boring bonds look more attractive when compared with risky stocks."

http://markets.businessinsider.com/news/stocks/stock-market-news-dow-jones-set-for-another-selloff-2018-2-1014967934

"Traders are flocking to the safety of US Treasurys amid the selloff in stocks, with the 10-year yield down 5 basis points at 2.80%. Bond yields tend to go down as demand, and therefore prices, go up. The benchmark yield hit 2.85% after Friday’s jobs report, its highest since January 2014."

Even the political tension in Washington:
https://www.theguardian.com/business/live/2018/feb/05/stock-markets-slide-global-sell-off-service-sector-bitcoin-business-live

"Christopher Vecchio of Daily FX suspects that the political tensions in Washington are contributing to the declines."

Speaking of political tension, tonight some pundit even mentioned (though in a joking manner) that some people may even be labeling it as the "Nunes drop". One thing is for sure, volatility and market volume surged today. & since the market was overextended this correction was imminent, especially after the euphoria from the "Trump bump". However, now the next phase (or if this will be a fundamental shift in the markets) will be difficult to determine. Here's what CNBC is reporting about the stock futures:
https://www.cnbc.com/2018/02/05/sell-off-continues-after-hours--sp-500-futures-now-down-6-percent-on-the-day.html

"Stocks looked set for another rocky opening and a volatile trading day Tuesday.

Stock futures slid into negative territory in Monday evening trade: Dow futures were down 628 points, and S&P 500 futures were lower by 57.25 points as of 11:10 p.m. ET.

The implied open for the Dow, based on futures, was a decline of 1,005.75."