Dow Falls 400 Points As 10-Year Treasury Yield Hits Highest Level Since January 2019Stocks took a hit Monday, adding to last week’s losses.
The Dow Jones Industrial Average fell
1.2%, over 400 points, while the
S&P 500 lost
1.7% and the tech-heavy
Nasdaq Composite 2.2%.Government bond yields spiked higher amid growing alarm about surging inflation. The
10-year Treasury note jumped above 2.78% on Monday, its highest level since January 2019.
The downward movement could continue this week.
Investors continued to
rotate out of riskier assets including growth and technology stocks, portions of the market which experts think will be most impacted by rising rates.
Oil prices fell again on Monday and sit at around $95 per barrel. Shares of
major energy companies like Occidental Petroleum and Diamondback Energy subsequently both
lost more than 4%.
