yes, the market will tumble...and it'll continue for awhile. Probably slowly though.
Corporate Bonds? that's a whole nuther story. NOBODY WILL EVER BUY ANOTHER CORPORATE BOND. The US Treasury will be the only entity in the world that will invest in US corporations.
The average American can't begin to understand the vitally important role that corporate bonds play in the growth and viability of American companies.
This will have an incredibly negative impact on business in America.