Stocks Plunge on Rising Yields and Oil Prices

Stocks started the week on a downward trend due to rising Treasury yields and increased oil prices. The 10-year Treasury yield reached its highest level since 2007, topping 5.2%, while the 30-year cleared 5.5% for the first time since 2002.

The S&P 500 fell by -0.8%, with the Nasdaq leading to the downside at -0.9%. The Dow Jones Industrial Average and Russell 2000 declined by -0.7%. Tech stocks were among the losers, with Meta Platforms (META) plummeting 4% and Advanced Micro Devices (AMD) also falling.

Breadth was weak, with only three sectors showing gains: Staples (+0.4%), Health Care (+0.3%), and Energy (+0.2%). Four sectors declined by more than 1%, including Communications, Consumer Discretionary, Financials, and Industrials.