US Stocks Slide on Rising Oil Prices and Bond Yields
US stocks fell on Monday after oil prices and bond yields rose higher, sending the S&P 500 down 0.6%.
The Dow Jones Industrial Average dropped 222 points, or 0.4%, with most of the US stock market sinking following a surge in Brent crude oil to above $101 per barrel before paring its gains later in the day.
Oil prices have been volatile due to uncertainty surrounding the Strait of Hormuz, through which tankers transport oil from the Middle East to customers worldwide. President Donald Trump said over the weekend he's rejecting an offer from Iran to reopen the strait and resume talks on its nuclear program.
The rise in oil prices is exacerbating inflation concerns, with the average price for a gallon of regular gasoline up nearly 43% from $3.13 a year ago to almost $4.48, according to AAA.