The 10-year Treasury yield ( ^TNX) added to recent gains to touch a 14-month high, trading not far off 4.8% as US bonds sold off. Meanwhile, the dollar ( DX-Y.NYB) surged to a two-year high against major currency peers, with the UK pound ( GBPUSD=X ), in particular, coming under pressure.

"I think really the market is saying maybe no rate cuts in 2025, and that the 10-year could very easily break well above 5%," Jeremy Siegel said.

Five of the 11 S&P 500 sectors declined, led by a 1.8 per cent drop in Technology stocks. Megacaps were down, with Tesla sliding 2 per cent, Apple dropping 2.7 per cent