Stocks fell Monday, weighed down by a jump in Treasury yields to start the week.
The Dow Jones Industrials dumped 346.90 points to 51,481.72
The S&P 500 index moved lower 59.49 points to 7,683.92.
The NASDAQ Composite lost 248.34 points to 26,820.38.
The major averages came off their lows around midday after CNN and Axios reported, citing White House officials, that President Donald Trump was open to providing sanctions relief to Iran on nuclear matters. The reports sent crude prices well off their highs of the day.
Wall Street is coming off a winning week after tech and tech-linked names outperformed. Meta rallied nearly 13% in that time, as traders cheered the company’s Muse artificial intelligence agent. Microsoft climbed more than 4%, while Apple and Nvidia advanced more than 1% each.
Brent crude traded more than 2% higher at $106.79 per barrel. West Texas Intermediate futures gained around 2% as well to $94.40, after President Donald Trump rejected conditions for a ceasefire presented by Iran.
The August personal consumption expenditure price index, the Fed’s preferred inflation gauge, is due out Wednesday. New U.S. manufacturing numbers are due Thursday, while the closely watched September jobs report is set for release Friday.
Prices for the 10-year Treasury regained lost ground, spiking yields to 5.23% from Friday’s 5.16%. Treasury prices and yields move in opposite directions.
Oil prices hiked 38 cents to $92.79 U.S. a barrel.
Gold prices were faded $162.50 to $4,158.70 U.S. an ounce.
