China slump, higher bond yields weigh on markets

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The declines began with a sharp sell-off in Asia, including a 5 percent plunge in China's Shanghai Composite Index. That was the index's biggest loss in four years. The decline was prompted by a government crackdown on off-balance sheet lending, which made investors worry about China's economic growth.'

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In the U.S., the yield on the 10-year Treasury note jumped to 2.62 percent from 2.54 Friday, the highest level in almost two years. As recently as May 3, those yields were just 1.6 percent.