US stocks declined on Monday as Treasury yields surged after Federal Reserve chair Jerome Powell indicated that it is unlikely to begin rate cutting in March.
At 10:05 a.m. ET, the Dow Jones Industrial Average was down 255.47 points, or 0.66 per cent, at 38,398.95, the S&P 500 was down 20.21 points, or 0.41 per cent, at 4,938.40, and the Nasdaq Composite was down 69.85 points, or 0.45 per cent, at 15,559.10.
At the opening bell, the Dow Jones Industrial Average fell 107.65 points, or 0.28 per cent, to 38,546.77. The S&P 500 opened lower by 1.42 points, or 0.03 per cent, at 4,957.19, while the Nasdaq Composite dropped 14.96 points, or 0.10 per cent, to 15,613.99 at the opening bell.
The yield on the 10-year Treasury climbed to 4.12 per cent from 4.09 per cent on Friday.
In an interview on Sunday, Federal Reserve chair Jerome Powell again said that the Fed may cut interest rates three times this year because inflation has been cooling. But he indicated again that the Fed is unlikely to begin in March.
