US markets fell further as the Federal Reserve's minutes indicated the possibility of earlier and faster interest rate hikes.

The S&P 500 lost 1.9%, led by real estate losses, while the Nasdaq 100 fell 3.1% as traders strengthened their belief that the US Federal Reserve will raise interest rates at least three times this year.

The 10-year treasury yield rose to 1.71%, its highest level since April. The value of the dollar has hardly altered.

Technology companies fell for the second day in a row as rising treasury yields exacerbated growth fears. Earlier in the afternoon, the tech crisis moved to Asia, with a measure of Chinese names listed in Hong Kong falling to a six-year low. Europe, on the other hand, was generally spared, with the Stoxx Europe 600 setting a new high.

Markets have mostly focused on tighter monetary policy; but, fears about the omicron variant's threat to global growth remain. Hong Kong has reinstated social controls and suspended flights from eight nations. Meanwhile, school closures in the United States are increasing as the number of cases increases.