US stocks fall to head for worst monthly loss of 2023 as bond yields spike on Fed fears

• US stocks slid further on Thursday as bond yields continued to surge.
• All three indexes traded lower as investors braced for higher-for-longer interest rates.
• Meanwhile, the S&P 500 is on track to end September with its worst monthly performance in 2023. 

US stocks slid on Monday, extending last week's losses as investors remain spooked over rising bond yields and the prospect of higher for longer interest rates.

The drop to start the week comes amid an already dismal month for stocks, with the S&P 500 having shed around 4% so far in September. The benchmark index is now on track to notch its second-straight losing month and the worst monthly loss of 2023.