us stock futures fell to start the week indicating that major equity indexes could decline again following last week’s big swings futures for the sp 500 declined 1 contracts tied to the technologyfocused nasdaq100 fell 11 while those for the dow jones industrial average receded 08 us government bonds sold off again pushing the yield on the benchmark 10year treasury note to 3173 on monday from 3124 on friday that put it on course to settle at another fresh multiyear high the 10year yield has risen 16 percentage points since the end of 2021 leading some investors to reassess the valuations of technology and growth stocks bond yields rise when prices fall “yields are climbing because investors think inflation is out of control” said peter andersen founder of bostonbased investment firm andersen capital management “the reality is that we have been living in an extraordinarily lowrate environment for a long time and it’s natural for the fed to be raising rates regardless of the inflation numbers” he added last wednesday us bonds and stocks rallied after the federal reserve approved a halfpercentage point increase in its benchmark lending rate to a target range of between 075 and 1 fed chairman jerome powell said officials weren’t considering an even larger increase at the central bank’s next meeting mr powell also said inflation was much too high and that the fed would move expeditiously to bring it down he pointed to a personal consumption expenditure price index which rose 66 in march a day after mr powell’s comments stocks fell sharply and the declines continued through friday extending a losing streak for the us market in which the sp 500 and nasdaq composite index have now fallen for five straight weeks as of last friday the nasdaq had lost 22 in the year to date period while the sp 500 was down 13 and the dow was 95 lower “there was no news from one day to the next that would cause that dramatic shift in sentiment over a 24hour period the market volatility shows that there is great uncertainty about where people think we are headed” mr andersen said the prospect of further interestrate increases to combat inflation has worried some investors that such measures will slow economic growth the policy shifts have come at a time when russia’s war against ukraine and measures to contain fresh covid19 outbreaks in china have clouded the outlook “we have decelerating growth and tightening financial conditions” said hani redha a portfolio manager at pinebridge investments “it’s the opposite of what we’ve had for the 18 months prior to this year which was the ideal backdrop for risk markets” these fears have led some money managers to hold the dollar seen as a safer investment in times of volatility due to its status as the world’s reserve currency the wsj dollar index which measures the us currency against a basket of 16 others rose 04 monday in asia japan’s nikkei 225 dropped 25 on monday while australia’s spasx 200 fell 12 china’s csi 300 index tracking the largest companies listed in shanghai or shenzhen declined 08 hong kong markets were for a public holiday the price of bitcoin tumbled through the weekend and traded at 3356846 on monday down 69 from friday’s 5 pm et level the popular cryptocurrency has lost more than a quarter of its value in the year to date period write to serena ng at serenangwsjcom and caitlin ostroff at caitlinostroffwsjcom