Stocks Slip as Oil Prices and Treasury Yields Weigh Heavily
US stocks fell on Monday as rising oil prices and Treasury yields weighed on equities. The Dow Jones Industrial Average dropped by 343.78 points, or 0.66%, to 51,484.84.
The S&P 500 declined 0.76% to 7,684.41, while the Nasdaq Composite dropped 0.91% to 26,822.09. Major averages moved off their session lows after reports suggested President Donald Trump remained open to providing sanctions relief to Iran on nuclear matters.
The benchmark 10-year Treasury yield climbed above 5.2%, while the 30-year Treasury yield moved above 5.5%. Higher yields added pressure to equities, particularly as investors reassessed the relative attractiveness of bonds and stocks.
Federal Reserve officials continued to monitor inflationary pressures, with Fed Governor Lisa Cook saying she expects inflationary pressure to continue in coming months due to AI-related demand and higher oil prices.