NEW YORK: Wall Street stocks declined early Monday as markets weighed the odds of additional Federal Reserve interest rate hikes following strong US economic data.

The yield on the 10-year US Treasury note, a proxy for Fed interest rate policy, climbed higher following strong employment and services sector data released Friday.

Analysts also pointed to worries over lofty equity valuations after a strong January for US stocks. Market-watchers have slashed their earnings forecasts in recent weeks due to rising cost pressures.

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About 15 minutes into trading, the Dow Jones Industrial Average was down 0.5 percent at 33,767.56.

The broad-based S&P 500 shed 0.6 percent to 4,110.06, while the tech-rich Nasdaq Composite Index declined 0.7 percent to 11,926.79.

Among individual companies, Tyson Foods slid 4.9 percent as the food giant reported lower quarterly profits that missed analyst expectations, saying that “operational inefficiencies” impacted profitability.

Dell Technologies fell 2.6 percent after announcing that it will lay off some five percent of its global workforce, or around 6,650 employees, marking the latest casualties of a job-slashing wave hitting the US tech sector.

The market movements came despite Treasury Secretary Janet Yellen’s comments on ABC early Monday that she sees a path where inflation declines “significantly” while the economy remains strong.

Markets remain nervous as traders await a speech from Fed Chair Jerome Powell on Tuesday, watching for his comments on the economic outlook ahead.