After a few minutes, the Dow Jones industrial average had fallen 0.5 percent, the broad S&P 500 index had fallen 0.7 percent, and the tech-heavy Nasdaq composite index had fallen 1.4 percent.
A broad decline is visible among heavyweight technology stocks - such as Nvidia, AMD, Micron, Microsoft and Alphabet.
The yield on US ten-year government bonds is at its highest since January last year, the Japanese ten-year at its highest since August 1996 and the German benchmark rate at its highest since 2011.
A barrel of North Sea oil now costs $92.70 in futures trading after a 2.4 percent rise during the day. US WTI oil costs $88.17 after rising 2.8 percent.
