Elevated government bond yields continue to march higher, taking the shine off stocks around the world.

In late morning trading, the 10-year Treasury yield moved up to 5.16%, hitting fresh 19-year highs.

Traders are beginning to more seriously worry about how higher yields could weigh on stock valuations and damp the appeal of holding equities. Growth stocks are being hit the hardest, sending the Nasdaq nearly 1% lower. The Dow industrials retreated more than 300 points.

After yesterday's dramatic bond selloff, Treasury yields (which rise when bond prices fall) are top of mind. The 30-year Treasury yield sits near its highest level in 22 years. Borrowing costs in Asia and Europe are also up.

That's as oil prices continue to rise, with the most actively traded Brent contract, for December delivery, trading right around $102 a barrel.

Another focus for traders today will be the summit between President Trump and Chinese leader Xi Jinping. Last night, Treasury Secretary Scott Bessent said the U.S. and China will extend a bilateral trade truce until mid-January, avoiding higher levies that were set to be imposed in November if no agreement was reached.