US stock markets declined yesterday amid worries over rising US treasury yields and the Israel-Hamas war potentially growing into a wider conflict in the Middle East. Further, Federal Reserve chairman Jerome Powell said, additional rate hikes could be warranted in view of economic resilience and labor market tightness. The statement of Federal Reserve Chairman increased risk aversion among traders.

The Dow Jones Industrial Average fell 0.8 percent, the S&P 500 lost 0.9 percent and the Nasdaq Composite declined around one percent.