Rising bond yields curbed traders’ appetite for risky bets early Friday, sending stocks lower following a weeks-long record-setting rally driven by a rush of cash into all things artificial intelligence.

Contracts on the S&P 500 Index slid 1.1% as of 8:24 a.m. in New York, while those on the Nasdaq 100 Index sank 1.6%. Investors around the globe offloaded government bonds, sending borrowing costs higher from Japan to the US after a series of hot inflation prints stoked concern about the prospect of central banks having to raise interest rates this year. The yield on 10-year Treasuries climbed seven basis points to 4.55%.