After Monday's drop, Wall Street extends losses as bond yields creep up

US stocks markets took another beating in early Thursday trade as a rise in bond yields and higher inflation continued to unnerve investors following a historic drop on Monday.
The 10-year US Treasury yield crept back to a high of 2.884 per cent, near Monday's four-year peak of 2.885 per cent.

The market's main gauge of volatility, the CBOE Volatility Index, fell to 27.06 on Thursday, still more than twice the level it held over the past few months. The index hit its highest level since August 2015 on Tuesday.

"Volatility has eased but by no means is it low. It is still far above the long-term average and unease about higher interest rates remain," said Randy Frederick, vice president of trading and derivatives for Charles Schwab.