Stocks Fall as Oil Prices Retreat Amid Rising Treasury Yields

Major stock indexes fell on Monday as oil prices gave back some of their earlier gains. The Nasdaq led Wall Street lower, despite Nvidia shares rising after the chipmaker boosted its share buyback authorization by a record $150 billion.

Nvidia's 1.7% gain closed off earlier highs, but other major stocks declined. The S&P 500 fell 59.72 points, or 0.8%, to 7,683.69 and the Nasdaq Composite fell 248.34 points, or 0.9%, to 26,820.38.

Oil prices were up more than $4 a barrel at one point Monday after US President Donald Trump rejected an Iranian proposal that would reopen the crucial Strait of Hormuz. However, prices later retreated, with U.S. crude rising 19 cents to settle at $92.60 a barrel and Brent gaining 96 cents to settle at $105.28.

The recent rise in Treasury yields continued, with the 30-year bond yield reaching its highest level since mid-May 2004. The FedWatch tool indicates that markets now imply a roughly 70% chance of another rate hike in October.