Wall Street declined as a slide in tech stocks outweighed a rally in bank stocks as central banks in the US, Canada, the UK and the eurozone signalled a stance towards tightening monetary policy.
US Treasuries declined, sending the yield on the 10-year note four basis points higher to 2.27 per cent. German bunds also slid.
"Markets are quite nervous about central banks," Andrea Tueni, a trader at Saxo Bank, told Bloomberg. "There is a kind of hawkish pivot by global central bankers that seems to have come in concert."
In 3.19pm trading in New York, the Dow Jones Industrial Average slid 0.6 per cent, while the Nasdaq Composite Index retreated 1.4 per cent. In 3.04pm trading, the Standard & Poor's 500 Index declined 0.7 per cent.
The Dow fell as slides in shares of Cisco and those of Microsoft, recently down 2.1 per cent and 2 per cent respectively, outweighed gains in JPMorgan Chase and those of Goldman Sachs, recently up 2.1 per cent and 0.8 per cent respectively.