Stocks dropped as US equity markets reopened from the long Easter weekend on Monday and investors fretted that the Federal Reserve will keep lifting interest rates.
The S&P 500 slid 0.8 per cent in early trading, while the tech-heavy Nasdaq Composite fell 1.1 per cent.
Monday marked the first opportunities traders have had to respond to data released on Friday that showed the continued strength of the US labour market.
Treasury markets, which were open on Friday, had already sold off in response to the jobs data and prices inched down further on Monday morning. The yield on the benchmark 10-year note ticked up 0.01 percentage points to 3.40 per cent, while the two-year yield added 0.01 percentage points to reach 3.98 per cent. Yields rise when prices fall.
Read more on today’s market moves here