LIVE MARKETS-Tech sells off after Anthropic CEO comments; 10-year yield above 5%

Here is the early snapshot:

• Main U.S. indexes decline; Nasdaq down more than 1%
• Tech is the weakest S&P 500 sector; consumer staples up the most
• Euro STOXX 600 index off about 0.4%
• Dollar rallies more than 0.5%; bitcoin gains more than 1%; U.S. crude advances more than 3.5%; gold down more than 1.5%
• U.S. 10-year Treasury yield rises to about 5.00%

Anthropic CEO Dario Amodei on Saturday called on AI companies to slow the pace at which they advance model capabilities. Elon Musk, who runs xAI, and OpenAI CEO Sam Altman said they agreed with Amodei.

Chipmakers have been among the biggest beneficiaries of the AI spending boom. Even with the day's declines, the chipmaker index remains up nearly 60% year to date.

Major U.S. stock indexes are down in early trading Monday, with chipmakers and other technology shares selling off after Anthropic's CEO urged AI companies to slow development, and as the benchmark 10-year Treasury yield rose above 5%.

An index of chipmakers .SOX is down 4.9% while the S&P 500 technology index .SPLRCT is off 1.7%. Shares of top chipmaker Nvidia NVDA.O are down more than 3%.