US Stocks Fall Amid Rising Yields and Oil Prices
The US stock market experienced a decline on Monday, with major indices falling 0.67% to 51,481.51 for the Dow Jones Industrial Average, 0.77% to 7,683.69 for the S&P 500, and 0.92% to 26,820.38 for the Nasdaq.
The turbulence was driven by rising US Treasury yields and oil prices nearing $100 per barrel.
Among stocks that gained attention from retail traders and investors, MongoDB Inc. (NASDAQ:MDB) dropped 18.46% to close at $334.68 after CEO Chirantan Desai's unexpected departure, which he attributed to his desire to join Meta Platforms.
Kodiak Sciences Inc. (NASDAQ:KOD), on the other hand, saw its stock skyrocket by 177.96%, closing at $89.92, following positive results from its Phase 3 DAYBREAK trial for Zenkuda and tabirafusp-ted in treating wet age-related macular degeneration.
NVIDIA (NASDAQ:NVDA) authorized an additional $150 billion in share buybacks, bringing its remaining authorization to $235 billion through fiscal 2028, the largest such authorization in history.