Yields in the U.S. bond market again reached their highest levels in roughly two decades and knocked U.S. stocks further from their record high.
The S&P 500 fell 0.8% Monday. The Dow Jones Industrial Average dropped 0.7%, and the Nasdaq composite lost 0.9%.
The yield on the 10-year Treasury jumped to 5.23% and touched its highest level since 2007 following the latest swings for oil prices. Uncertainty continues about when the war with Iran will allow oil tankers to freely cross the Strait of Hormuz again. That more than offset a climb for Nvidia, which announced a historic stock buyback.
On Monday:
The S&P 500 fell 59.72 points, or 0.8%, to 7,683.69.
The Dow Jones Industrial Average fell 347.11 points, or 0.7%, to 51,481.51.
The Nasdaq composite fell 248.34 points, or 0.9%, to 26,820.38.
The Russell 2000 index of smaller companies fell 19.64 points, or 0.7%, to 2,817.91.
For the year:
The S&P 500 is up 838.19 points, or 12.2%.
The Dow is up 3,418.22 points, or 7.1%.
The Nasdaq is up 3,578.39 points, or 15.4%.
The Russell 2000 is up 336.01 points, or 13.5%.
