US stocks open lower as bond yields spike

The main US stock benchmarks opened lower on Tuesday, as the US Treasury bond yields surged, amid concerns over the Covid-19 pandemic.

Countries around the world are intensifying their efforts to combat the Covid-19 pandemic with largescale vaccination campaigns and tight lockdown measures.

Meanwhile the US is preparing an extra fiscal stimulus package to support the world's largest economy from the pandemic impact.

The US 10-year Treasury bond yields rose today to the highest since January 2020 at 1.7%.

As for stocks, Dow Jones fell 0.1% or 53 points to 33,118 as of 14:29 GMT, Nasdaq fell 0.8% or 108 points to 12,950, and S&P 500 fell 0.3% or 15 points to 3,956.