US stocks sold-off amid concern over surging bond yields

On the last trading day of the week, major US equity indices opened with steep losses amid growing concerns over the recent upsurge in bond yields.

The latest US monthly jobs report, showing a strong pickup in wage growth, fueled worries of a potential pickup in inflationary pressure. Average hourly wages rose at the fastest pace in more than eight years and stoked worries that the Fed might opt for a faster monetary policy tightening cycle. 

Rising bond yields and concerns about higher inflation was seen as one of the key factors dampening investors' appetite for riskier assets - like equities. 

During the opening hour of trade, the Dow Jones Industrial Average was down over 250-points, slipping below 26K mark, and the broader S&P 500 Index declined around 25-points to sub-2,800 level. Meanwhile, tech-heavy Nasdaq Composite Index dropped nearly 70-points to 7,320.

With today's downfall, both the S&P 500 and DJIA were set for their worst weekly performance since Nov. /Sept. 2016, respectively. The Nasdaq Composite was looking for its worst week since June 2017.