Dow Drops 377 Points Amid Rising Oil Prices and Treasury Yields

US stocks opened lower on Monday, September 28, as rising oil prices and Treasury yields weighed on sentiment. The Dow Jones Industrial Average dropped over 300 points, with the S&P 500 and Nasdaq Composite each declining by around 0.5%. Brent crude rose more than 2% to $106.79 a barrel, while West Texas Intermediate futures gained around 2% to $94.40.

The sharp move in Treasury yields added pressure on equities, with the benchmark 10-year Treasury yield trading above 5.2% and the 30-year yield topping 5.5%. This comes as President Donald Trump rejected conditions for a ceasefire proposed by Iran, amid renewed US-Iran tensions.

Several AI-linked stocks led the major indexes lower, including chipmakers Advanced Micro Devices and Micron Technology. Amazon slipped 1%, while Microsoft declined 2% and Meta shed nearly 4%. Nvidia shares also drew attention after authorizing an additional $150 billion for share buybacks.