Trump Rejects Iranian Peace Proposal, Sends Wall Street into Free Fall

US President Donald Trump's rejection of an Iranian peace proposal sent shockwaves through Wall Street on Monday, causing major indexes to plummet. The Dow Jones Industrial Average fell by 245.02 points, or 0.47%, to 51,583.60, while the S&P 500 lost 36.08 points, or 0.46%, to 7,707.50.

The Nasdaq Composite declined by 175.16 points, or 0.65%, to 26,893.56. However, Nvidia's shares jumped 3.2% after the chip giant announced a new $150 billion share repurchase authorization, limiting the broader market decline.

Crude oil prices surged 2% to around $107 a barrel, putting pressure on the Treasury market and pushing long-term bond yields to fresh multi-decade highs.