Here’s what’s been happening on Wall Street overnight

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Yields on 10-year Treasury notes on Tuesday morning finally reached the elusive 3% level, which the benchmark interest rate hadn’t seen since January 2014.

The yield flirted with the level all day Monday, but it was Tuesday’s stronger-than-expected home prices as measured by the S&P/Case-Shiller index that pushed it across the line.

The rise in the 10-year yield, a benchmark for things like home mortgages and company borrowing, has the potential to dampen spending as consumers and companies spend more to service their debt. It’s also closely watched by stock traders. And sure enough, stocks started tumbling once the 3% level was breached.

In deal news, several top-10 shareholders at Jazz Pharmaceuticals have been pushing management to consider a sale of the drugmaker’s sleep business, according to people familiar with the matter.

South Korean gaming company is said to be in talks to buy Bitstamp, the world’s oldest bitcoin exchange. And Morgan Stanley identified the 10 tech companies most likely to get acquired in the next 12 months.

In finance news, investing startup Acorns just took a page out of Netflix’s playbook.And in an op-ed on Business Insider, JPMorgan Chase CEO Jamie Dimon stressed the need for the private sector to play a bigger role in ensuring economic opportunity is shared more widely across the US population.

In markets news:

Lastly, Bloomberg is planning to make readers pay up to read its digital content.

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