LONDON – Global shares fell for a third successive day, while bond yields on both sides of the Atlantic soared on anxiety over when central banks might raise interest rates.

At 9:42 am ET, the Dow Jones Industrial Average was down 88.89 points, or 0.25 percent, at 34,780.48, the S&P 500 was down 35.36 points, or 0.80 percent, at 4,407.75, and the Nasdaq Composite was down 209.42 points, or 1.40 percent, at 14,760.55.

MSCI’s All Country World Index, which tracks shares across 49 countries, was down 0.3 percent on the day after the start of trading in Europe.

The 10-year US Treasury yield hit 1.5444 percent, its highest level since Jun 17, pulling up euro zone bond yields in its wake. Two-year Treasury yields surged to 18-month highs.

A market measure of euro zone inflation expectations jumped to 1.81 percent, its highest level in two weeks.

Surging yields pressured high-growth technology shares at the start of trading in Europe.

Britain’s FTSE 100 index fell 0.5 percent, while Germany’s DAX fell 0.8 percent. France’s CAC 40 fell 1.1 percent and Italy’s FTSE MIB index slipped 0.6 percent.

“The global equity market is having difficulties rising in a wall of worries as the energy crunch and re-pricing of the US (and EU over the month) is potentially changing the timing and speed of future rate increases or at least tapering,” said Sebastien Galy, senior macro strategist at Nordea Asset Management.

Rising yields also boosted the dollar, with the index that measures the greenback’s strength rising to a five-week high. The Japanese yen fell against the dollar and the euro as rising yields made the currencies more attractive to Japanese buyers.

Australia’s benchmark S&P/ASX200 index closed 1.47 percent lower, led by a sell-off in healthcare and technology stocks, while Japan’s Nikkei was down 0.2 percent after halving its initial losses.

Hong Kong’s Hang Seng Index gained 1.34 percent, snapping a recent run of negative sessions.

During Asian trade, Brent crude oil hit $80 a barrel for the first time in three years, driven by regional economies beginning to reopen from the COVID-19 pandemic and supply concerns.

Gold prices fell to a 1-1/2-month low on Tuesday, with spot gold hitting its lowest level since Aug 11 at $1,735.40 per ounce.

London nickel and tin prices extended losses into a second session on Tuesday.

“Markets have been jittery amid the prospect of the Federal Reserve tapering its asset purchases,” BlackRock Investment Institute said in its global weekly commentary.

“We believe the path for further gains in risk assets has narrowed after an extended run higher, warranting a selective approach, but we reaffirm our tactical pro-risk stance.”