US Stocks Sink as Oil Prices and Bond Yields Hit Two-Decade Highs

The US stock market dropped on Monday as oil prices and bond yields continued to rise. The yield on the 10-year Treasury briefly topped 5.27% before pulling back to 5.23%, up from 5.17% late Friday, its highest level in roughly two decades.

The S&P 500 fell 0.8% and gave back much of its gain from last week, which had brought it to the brink of its all-time high. The Dow Jones Industrial Average dropped 347 points, or 0.7%, and the Nasdaq composite sank 0.9%.

Stocks felt pressure as rising yields make borrowing money more expensive for everyone, while also undercutting prices for stocks and other investments. Treasury yields have been rising due to worries about inflation, Washington's massive debt load, and signs that the US economy remains solid despite its many challenges.