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US stocks fall as oil climbs and Treasury yields hit multi-decade highs
The 30-year Treasury yield rose 5 basis points to 5.31%, its highest level since June 2007, as investors weighed the potential for renewed US-Iran conflict and a tighter financial outlook.
US stocks fell on Monday as rising oil prices and higher Treasury yields weighed on trading amid renewed concerns about the risk of a US-Iran conflict flaring up again, according to Yahoo Finance.
The Dow Jones Industrial Average declined 0.5%, and the S&P 500 fell 0.5%. The Nasdaq Composite dropped 0.3% after a relatively calm week on Wall Street, following the indexes' recent momentum, including the S&P 500 posting a third straight weekly gain.
Oil moved higher after a memorandum of understanding between the two nations expired on Monday, with Brent crude futures hitting $90 per barrel. Yahoo Finance also pointed to President Trump saying he does not see the war ending anytime soon.
Bond yields extended their rise as investors focused on debt-related concerns and the Federal Reserve outlook, with the 30-year yield up 5 basis points to 5.31%, the highest level since June 2007. Investors were also looking ahead to upcoming retail earnings and the release of the Federal Open Market Committee meeting minutes on Wednesday for additional clues on the Fed's thinking.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%|S&P 500 7,785.76 ▼0.2%