Domestic stocks tumbled for a fourth consecutive session on Monday as the rout in global markets continued with the surging US dollar and Treasury yields creating havoc.
The aggressive monetary stance by the US Federal Reserve saw the 2-year Treasury note notching a 15-year high of 4.2 per cent and the yield on the 10-year note going past 3.8 per cent, an 11-year high. The US dollar continued to scale new highs against most global currencies, including the rupee and the British pound. Experts said the US bond markets were signalling a recession, leading to a pullback from risky assets.