NEW YORK/TOKYO (Feb 2): Asian shares are poised to decline after American technology shares slid and Treasuries continued to selloff. The dollar resumed its slide before U.S. employment data due Friday.

Australian shares slipped and futures in Korea and Japan pointed to a lower open. In the U.S., the Nasdaq 100 Index bore the brunt of the selling during the main session. Bellwethers Apple Inc. and Alphabet Inc. reported earnings that disappointed although Apple reversed initial losses to trade higher. Other major averages notched modest retreats in an up-and-down session that actually saw the CBOE Volatility Index decline. The U.S. 10-year yield spiked to the highest level since April 2014.

The continued rise in yields is renewing speculation that pain in the bond market will spill over into equities as major indexes stall or even retreat. Some fund managers have said 3 percent rates on the 10-year Treasury yield would signal a bond bear market, while other market participants have suggested that level could also mean a correction for stocks.

“The performance of the bond market has got to be beginning to flash red to equities,” Mark Heppenstall, chief investment officer of Penn Mutual Asset Management, said by phone. “Just the strength of rally in the equity market is going to bring the Fed more and more into play this year. It seems we’re reaching a critical level on interest rates that could throw some cold water on the party in the equity market.”

Elsewhere, oil posted its best gain in a week as forecasters painted a rosier picture for supply and demand. And Bitcoin kept sliding after a miserable January Bitcoin, falling below $9,500.

These are the main moves in markets:

Stocks

* Futures on South Korea’s Kospi fell 0.3 percent.

* Australia’s S&P/ASX 200 Index slid 0.2 percent.

* The S&P 500 Index slipped 0.1 percent, while the Nasdaq 100 dropped 0.7 percent.

Currencies

* The Bloomberg Dollar Spot Index fell 0.5 percent.

* The yen was little changed at 109.42 per dollar as of 7:45 a.m. Tokyo time after declining 0.6 percent over the previous
two days.

Bonds

* The yield on 10-year Treasuries increased eight basis points to 2.79 percent on Thursday.

* Australia’s 10-year yield was up 5 basis points to 2.85 percent on Friday.

Commodities

* West Texas Intermediate crude rose 1.7 percent to settle at $65.80 a barrel.

* Gold was little changed at $1,348.66 an ounce in early trading Friday after advancing the previous two days.