The US stock market gave back more of its record-setting rally as bond markets rattled by high inflation keep ramping up the pressure.

The US stock market fell from its records on Friday and joined a worldwide drop for stocks after higher oil prices sent a shiver through the bond market.

The Australian sharemarket has fallen at the open as higher oil prices and growing inflation concerns sent a shiver through the bond market over the weekend.

Wall Street closed lower as rising U.S. Treasury yields and persistent inflation fears pressured equities, with the Nasdaq leading losses. Elevated oil prices amid Iran tensions…