The Dow Jones Industrial Average on Thursday lost 54.95 points or 0.22 per cent to 24 713.98. The S&P 500 erased 2.33 points or 0.09 per cent to 2 720.13 Xinhua news agency reported.
The Nasdaq Composite Index was down 15.82 points or 0.21 per cent to 7 382.47.
The benchmark 10-year Treasury yield climbed over 3.1 per cent on Thursday the first time since 2011 while the two-year yield hovered around its highest levels in a decade.
The yield a barometer for mortgage rates and other financial instruments has jumped recently amid market fears of rising inflation which sparked investors speculation for more rate-hikes later this year.
The probability that the US central bank will raise its benchmark rate a fourth time this year went up to a record of 51.9 per cent on Thursday according to the Chicago Mercantile Exchange s FedWatch tool.
In corporate news US multinational company Cisco Systems Inc. reported weaker-than-expected sales for its key services business on Wednesday after market closing. Shares of the company ended 3.76 percent lower on Thursday the worst performer on the Dow.
--IANS pgh/
