(Bloomberg) -- Asian stocks weakened Thursday after a rise in U.S. inflation sent the S&P 500 tumbling and drove bond yields higher on concerns that price pressures could stifle the economic recovery.A regional equities gauge erased this year’s gain, though declines from Japan to Australia haven’t so far matched the pullback in indexes overnight. U.S. futures rallied. The S&P 500 and Nasdaq 100 both shed more than 2% in a third-straight day of losses, with the energy sector among the only winners as commodity prices continued their advance.Treasury yields steadied from a climb in U.S. hours, which shrugged off strong demand at the auction of new 10-year notes. Asia investment-grade bonds dipped, while the dollar held an advance.Meanwhile, Bitcoin slumped as much as 15% to below $50,000 after Elon Musk tweeted that Tesla Inc. has suspended vehicle purchases using the digital currency over environmental concerns. He added that Tesla will not be selling any Bitcoin.The latest U.S. consumer prices data showed the biggest monthly rise since 2009, adding fuel to the debate over whether inflation will be persistent enough to force the Federal Reserve to tighten policy sooner than thought. The surprise reading included broad-based price pressures, and a market gauge of inflation expectations over the next five years touched its highest level since 2005 before easing.Fed Vice Chair Richard Clarida said he was surprised by the jump, but that it should prove largely transitory.“Markets have lost a little bit of confidence that the Fed has control of inflation; I don’t think it’s necessarily the level,” but the concern that the central bank might wait too long to address the rise, Victoria Fernandez, Crossmark Global Investments chief market strategist, said on Bloomberg TV. “I am not sure the market is extremely comfortable with that at this point.”The momentum in the commodity market appears to have slowed for now. Copper’s advance stalled amid concerns about inflation’s impact on the global growth outlook. Oil retreated back toward $65 a barrel, as the biggest U.S. gasoline pipeline is reopening after a cyberattack that sparked acute fuel shortages.These are some of the main moves in markets:StocksS&P 500 futures rose 0.4% as of 12:30 p.m. in Tokyo. The S&P 500 fell 2.1%Nasdaq 100 contracts added 0.5%. The Nasdaq 100 slid 2.6%Japan’s Topix index fell 0.6%Australia’s S&P/ASX 200 Index lost 0.4%South Korea’s Kospi index declined 0.1%Hong Kong’s Hang Seng Index fell 0.7%Shanghai Composite Index fell 0.7%CurrenciesThe Bloomberg Dollar Spot Index was little changedThe yen steadied from losses to trade at 109.63 per dollarThe offshore yuan was at 6.4517 per dollarThe euro was up less than 0.1% at $1.2081BondsThe yield on 10-year Treasuries dipped to 1.68% after jumping seven basis pointsAustralia’s 10-year bond yield rose three basis points to 1.80%CommoditiesWest Texas Intermediate crude fell 0.8% to $65.54 a barrelGold rose 0.2% to $1,820 an ounceFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.