U.S. equity futures moved lower Friday, while the dollar gave back gains against its global peers, as stocks looked to extend a three-day losing streak amid a surge in Treasury bond yields and ongoing concerns over the sputtering Chinese economy.

Benchmark 10-year Treasury bond yields, which have surged some 30 basis points so far this month and touched a near 16-year high of 4.328% earlier this week, were steady at 4.223% in overnight deal, but still trending to the upside amid a series of stronger-than-expected U.S. economic data that suggests robust growth prospects — and higher Fed rates — into the autumn months.

“A relentless rise in US and global bond yields and the stronger dollar this week combined with China worries continue to weigh on sentiment,” Saxo Bank strategists wrote Friday. “Walmart earnings upside yesterday suggests that inflation is still impacting the purchasing power of consumers shifting their buying to low-cost retailers.”

The Atlanta Fed’s GDPNow forecasting tool, in fact, suggests third quarter growth of around 5.8%, more than double the pace of advance over the three months ending in June, while hawkish minutes from the Fed’s July policy meeting have lifted the chances of a November rate hike to around 33%, according to the CME Group’s FedWatch.

That’s powered gains for the U.S. dollar index, which tracks the greenback against a basket of its global peers. The benchmark is on pace for its fifth straight weekly advance, the best run of gains in fifteen months and was last marked 0.14% lower on the overnight session at 103.482.

Tech stocks, however, have faced significant headwinds from the rise in Treasury yields, with the Nasdaq 100 suffering its worth three-day stretch since February .

Heading into the start of the trading day on Wall Street, futures tied to the S&P 500, which is down 4.76% for the month of August and went negative for the quarter earlier this week, were indicating a 7 point opening bell decline.

Contracts tied to the Dow Jones Industrial Average were priced for a 30 point pullback while those linked to the tech-focused Nasdaq were indicating a 35 point decline. 

Overnight in Asia, news that China-based property developer Evergrande would seek Chapter 15 bankruptcy protection in the United States added to concerns linked to the real estate and shadow banking sectors in the world’s second-largest economy.

The region-wide MSCI ex-Japan index was down 0.95% into the close of trading, pulling global stocks to a two-month low, while Europe’s Stoxx 600 was marked 0.65% lower in early Frankfurt trading. 

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