US Stocks Plummet Amid Rising Treasury Yields and Oil Prices
US stocks closed lower on Monday, with the Dow Jones Industrial Average falling 0.67% to $51,481.51 and the Nasdaq declining 0.92% to $26,820.38.
The market turbulence was driven by rising US Treasury yields and oil prices nearing $100 per barrel.
Investors are closely watching whether this marks a shift from growth-heavy stocks to value-oriented sectors.
MongoDB Inc.'s shares plummeted 18.46% after the unexpected departure of CEO Chirantan Desai, who left to join Meta Platforms. Interim president and CEO Dev Ittycheria took over.
Kodiak Sciences Inc. saw its stock skyrocket by 177.96%, closing at $89.92 after announcing positive results in a Phase 3 trial for its treatments for wet age-related macular degeneration.
Navitas Semiconductor Corp's stock dipped 3.85% before shooting up 12.39% in the after-hours session, following its selection by the US government to develop next-generation power semiconductors.
Boeing Co.'s shares fell 6.91% after acknowledging a previously undisclosed software glitch affecting 737 MAX jets.
Nvidia Corp's stock rose 1.68% after authorizing an additional $150 billion in share buybacks, bringing its remaining authorization to $235 billion through fiscal 2028.